XRP News: The Ripple whales have continued to bag more coins amid the recent market crash, indicating a bullish momentum ahead of the crypto. Besides, the recent performance of XRP, as well as the broader crypto market, also signals that investors are once again entering the market after a recent pause. Simultaneously, the recent Ripple developments also indicate that the momentum remains strong for the future trajectory of the coin.
XRP News: Ripple Whales Bag 80M Coins Amid Market Crash
In the latest XRP news, Ripple whales have once again fueled speculations with their recent moves. According to reports, the whales have continued their buying spree as the broader crypto market crashed recently, giving investors a buy-the-dip opportunity. For context, Bitcoin and top altcoins have recorded sharp declines recently, which has created a buying opportunity at a dip for many investors.
Prominent crypto market analyst Ali Martinez highlighted the buying trend for XRP. He noted that the whales have accumulated 80 million coins since December 17, when the market started declining after a robust run over the past few days. In addition, other big transfers of the tokens have also fueled speculations in the digital assets space, especially amid the recent developments.
Meanwhile, Donald Trump’s election win has already fueled market optimism this year. In addition, crypto has been crucial this year, with Trump pledging to make the US the crypto capital. This has also triggered speculations over a potential rally ahead for the crypto issued by US-based firms.
Additionally, the blockchain firm also reportedly made a significant contribution to Donald Trump’s inauguration recently alongside other crypto firms. According to a FOX Business report, Ripple is reportedly planning to donate $5 million to the fund, with Coinbase and Kraken giving $1 million each. This has further fueled sentiments over a pro-crypto regulatory environment in the US after Trump’s inauguration on January 20.
What Lies Ahead For Ripple?
The recent launch of Ripple stablecoin RLUSD has already fueled optimism, and this XRP news is expected to continue to support the bullish momentum ahead. Market experts said the new stablecoin would help in increasing liquidity through XRPL, which in turn would improve its native crypto’s appeal as a bridge asset for cross-border payments.
Notably, XRP price today jumped more than 4% and exchanged hands at $2.36, while its trading volume soared 27% to $26.34 billion. Notably, the crypto has declined below the $2 mark in the last 24 hours, indicating that investors are regaining confidence in the asset. However, despite the recent surge, its Futures Open Interest was down more than 30% during writing, CoinGlass data showed.
In addition, in a separate post recently, Ali Martinez said that Ripple’s native crypto might face heavy liquidation of $20.50 million in short positions if it hits $2.62. Despite these short-term pullback concerns, experts remained confident about the long-term trajectory of the coin towards the $3 mark ahead.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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