- The return of the Ripple whales is the reason for this price surge.
- The price action of Ripple shows a series of lower highs and higher lows.
- Since 10th August nearly 14 whales have joined the Ripple network
Ripple (XRP) is one of the altcoins, its price was moving higher high. The return of the Ripple whales is the reason for this price surge.
Ripple is a private financial technology company that provides global payment solutions through its payment network Ripple Network. XRP is the native of the Ripple network. Ripple funded the development of the open-source XRP ledger.
Accordingly, the price of the XRP is moving upwards. XRP entered a brief consolidation period after moving past the psychological $1 resistance level on August 11. The price action of Ripple shows a series of lower highs and higher lows.
Moreover, a sudden surge in buy orders has allowed XRP to break out of the consolidation pattern in the last few hours. Santiment, a behavior analytics platform reported that the sixth-largest cryptocurrency by market cap has the buying pressure it needs to achieve its upside potential.
Furthermore, in the past three days, based on the supply distribution, the number of addresses holding over 1 million XRP tokens has raised nearly 4.4%.
In fact, since 10th August nearly 14 whales have joined the Ripple network. As large investors are increasing backing Ripple may seem insignificant at first glance. The whales hold more than $1.17 million in XRP, the sudden rise in buy orders is sustainable.
The above chart shows the price chart of XRP. According to CoinMarketCap, the price of XRP is $1.26 with a 24-hour trading volume of $11,940,218,642 at the time of writing. However, XRP surged to 2.67% in the last 24 hours. Moreover, XRP has a circulating supply of 46.42B XRP coins.
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