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Massive Ripple Whale Accumulation Fuels XRP Surge Toward New ATHs
In a shocking turn of events, the Ripple (XRP) market has seen a significant surge in value, with the asset trading at an unprecedented level. This upward trajectory is largely attributed to massive whale accumulation, with whales purchasing 2.2 billion XRP over the past two weeks.
According to renowned analyst Ali Martinez, these large-scale purchases have pushed the price of XRP well past the $3 mark, reaching a staggering $3.16 as of press time. The sudden influx in buying pressure has resulted in an impressive 8% increase in value over the last 24 hours and a whopping 29% gain over the past week.
The sharp increase in whale activity coincides with growing investor interest in XRP, which is reflected in the asset’s significant price movement. This surge has also led to a substantial trading volume of $8.84 billion over the past 24 hours.
Analysts are now closely monitoring the market to see if XRP will breach its all-time high level, which could lead to further gains. Galaxy noted that XRP is nearing the critical range between $3.30 and $3.35. If this crucial resistance level is broken, it may trigger a new wave of buying pressure, potentially pushing the asset toward uncharted territory.
Furthermore, CoinGlass has reported an astonishing 15% increase in open interest for XRP perpetual futures, reaching a staggering $9.25 billion. This substantial growth indicates that investors are aggressively seeking leveraged positions to take advantage of the current market momentum.
The approval of ProShares Ultra XRP ETF by the SEC (Securities and Exchange Commission) has also contributed to the surge. The new ETF product will provide investors with double the daily performance of XRP, effectively multiplying their potential gains.
With whale accumulation fuelling this unprecedented growth, it seems likely that the asset’s upward trajectory will continue in the short term. However, only time will tell if XRP can close above $3.30 on a monthly timeframe to confirm the breakout into new ATHs (All-Time High).
Source: cryptopotato.com
