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Ripple (XRP) Rally Gains Steam as Whales and Institutions Pile In
The price of Ripple’s native cryptocurrency, XRP, has surged by 8% in the past week, with whales and institutions piling in to buy the asset. This latest rally comes after a series of bullish developments for the platform.
One key factor driving the growth is the increasing adoption of the XRP Ledger among major banks and payment firms. According to expert analysis from David_kml, this trend indicates rising confidence in the network’s potential for global cross-border payments. The partnership activity has been on the rise, transaction volumes are climbing, and fintech engagement remains strong.
Another significant event contributing to the rally is the resolution of Ripple Labs’ long-standing case with the US SEC. This outcome has removed legal uncertainty surrounding XRP, leading investors to regain confidence in the asset’s long-term potential.
Furthermore, we’re observing significant buying activity from large holders, as Ali Martinez reports that 320 million XRP worth approximately $1 billion have been purchased by these whales over a three-day period. This substantial accumulation of the token may lead to a reduction in short-term selling pressure and sway sentiment among retail traders.
The market has taken notice of this trend, with the asset now hovering near the $3.23 resistance level. Should the buyers push above this point, it could trigger the next phase of the rally, with potential targets of $3.65 or even higher levels in sight.
In conclusion, the latest price action for XRP is a clear indication that institutional investors and whales are piling into the asset, driven by its growing utility as a cross-border payment solution and the removal of legal uncertainty surrounding Ripple Labs’ SEC case. As such, this rally may not be over yet.
Source: cryptopotato.com
