- XRP price might soon go parabolic amid growing whale adoption.
- With the Ripple versus SEC lawsuit over, XRP is seeing more integration across payment merchants globally.
Positive sentiments have built up for XRP amid a recent surge in whale activity and social dominance. Consequently, a symmetrical triangle pattern is visible from XRP’s daily price chart, suggesting a bullish rally is in play.
Increase in XRP’s Whale Activity
According to Santiment data, large investors or institutions, often called whales, increased their activity in the past day. Notably, whales holding XRP worth over $5 million now possess 55% of the total supply.
Typically, whales have a big influence on price swings in the crypto market. A rise in whale activity suggests that the ecosystem’s health is good. Whale activity also indicates a change in the crypto market’s cycles. Whales frequently purchase additional coins to enhance the amount of their holdings in case of a sustained rise in value.
Thus, XRP’s high concentration among a few major holders hints at the wild swings the market may experience soon. Along with the whale activity, XRP’s social dominance has sharply increased over the past few days. Heightened discussions across social media platforms often hint at expectations of upcoming events that may positively impact the market.
Furthermore, the liquidation heatmap data from Coinglass indicates a clear bullish tendency for XRP. A total of 559,000 XRP was removed at the $0.5881 price level, indicating strong interest from buyers. This positive sentiment indicates growing confidence in XRP’s potential bullish surge, with investors taking long positions for future gains.
The combination of whale movement, social dominance, and bullish liquidation may spur more price activity as soon as XRP’s market parameters stay positive.
Meanwhile, XRP has been in a consolidation phase since early August. However, XRP’s price climbed higher in September after resisting dropping below a key support level of $0.519.
At press time, XRP was trading at $0.5832, surging by 1.2% in the past 24 hours. The trading volume increased by 29.5% to $1.2 billion, proof that investors are interested in accumulating the coin.
What’s Happening in the XRP Market?
Across the XRP ecosystem, new trends are emerging that might enhance the coin’s outlook. Surfy, a South Korean payment solution, has integrated XRP into its system. As mentioned in our earlier report, users can now make purchases on Surfy using XRP, starting with selected merchants. Surfy’s platform capitalizes on XRP’s increased speed and near-instant settlement to make transactions faster and simpler.
In other news, the US Securities and Exchange Commission (SEC) has reportedly decided not to appeal the XRP ruling. As CNF noted earlier, this marks the end of the almost four-year-long legal battle in which the SEC accused Ripple of trading XRP as an unregistered security.
The SEC’s decision is centered around its position in the ongoing Binance case after acknowledging that crypto, by itself, does not qualify to be classified as securities.
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