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Title: 2.2 Billion XRP In Two Weeks. Here’s What Happened
The cryptocurrency market is abuzz with the astonishing news that large investors have accumulated a staggering 2.2 billion XRP in just two weeks, fueling an explosive price surge that has pushed the token above the crucial $3 mark once more. This monumental influx of capital has sent shockwaves throughout the industry, sparking widespread optimism and renewing concerns about market volatility.
According to prominent crypto analyst Ali, this sudden accumulation by whales is behind XRP’s meteoric 33.91% weekly gain. Moreover, data from renowned blockchain trackers Whale Alert and other sources confirms the enormous transfers between wallets, corroborating the narrative of strategic buying.
A closer examination of the on-chain data reveals that wallets holding between 100 million and 1 billion XRP have significantly increased their balances in July, a stark indication of institutional support. This surge in confidence has propelled XRP’s price above the psychological barrier of $3, further cementing its position as a leading contender within the broader cryptocurrency landscape.
The token’s ability to maintain levels above this critical level is notable, analysts suggest, pointing out that recent price action is underpinned by strong technical signals. The appearance of a bullish golden cross and breakout from a symmetrical triangle pattern are key catalysts driving XRP’s upward trajectory.
Furthermore, institutional involvement has reached unprecedented heights, with open interest in XRP perpetual futures skyrocketing to $9.25 billion – nearly tripling April levels. This surge in trading activity underscores the growing appeal of XRP among institutional investors and highlights its rising reputation as a viable store-of-value asset.
Meanwhile, Ripple’s ongoing efforts to expand its payment infrastructure across Europe are bolstering the token’s utility and reinforcing investor confidence. The company has recently partnered with the Dubai Land Department to tokenize real estate on the XRP Ledger, further solidifying its position in the global financial landscape.
In light of this data, experts predict that XRP may be poised not only to challenge its previous all-time high but potentially surpass it in the near future if current trends persist.
Source: timestabloid.com
