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Cryptocurrency News Articles

XRP Whales Accumulate 80 Million XRP as RLUSD Launch Signals a New Surge

Dec 23, 2024 at 12:00 am

As the crypto market wavers under the shocks of volatility, XRP whales are making strategic moves. Between massive accumulation and the launch of the stablecoin RLUSD, Ripple seems to be laying the groundwork for a new surge. But is XRP really ready to take off?

XRP Whales Accumulate 80 Million XRP as RLUSD Launch Signals a New Surge

As the crypto market continues to navigate the turbulent waters of volatility, new developments are emerging that could impact the trajectory of XRP.

Institutions and retail investors alike are keeping a close eye on the movements of XRP whales, who have been accumulating vast amounts of the digital asset amid the recent market downturn.

According to on-chain data, these whales have quietly acquired over 80 million XRP as the broader market declined. This strategic maneuver has not gone unnoticed, with many speculating on the implications for XRP's price.

On-chain reports indicate a compelling dynamic, revealing that these massive purchases coincided with a period when many traders, unable to withstand the market's volatility, opted to capitulate.

Historically, when whales have engaged in large-scale buying sprees in a declining market, a price rebound has often followed.

Highlighting the significance of these massive movements, crypto analyst Ali Martinez suggested that they could indicate a renewed confidence in XRP's bullish potential. However, whales are not the sole force influencing XRP's trajectory, as the political and economic climate also plays a crucial role.

With the election of Donald Trump, a known advocate for more favorable crypto regulation, a breeze of optimism swept through the market.

For Ripple and its XRP, this perspective opens up new possibilities, particularly in the United States, where the regulatory landscape remains a key concern.

Another factor that could contribute to XRP's next leg of growth is the launch of the stablecoin RLUSD by Ripple. Designed to stabilize transactions on the XRPL network, this new digital asset could propel XRP to become a central cog in the international payments system.

Experts posit that RLUSD will bolster the liquidity of the XRP ecosystem and mitigate the volatility typically associated with cross-border transactions. This, in turn, could entice more financial institutions to adopt XRP as a pivot asset for their international operations.

Recent price movements also paint a nuanced picture. XRP's price rose by 4%, reaching $2.36, and trading volume increased by 27%. However, open positions on XRP futures dropped by 30%, indicating caution among some investors.

This dichotomy between growth and caution suggests a transitioning market, poised to shift into a more dynamic phase. In related news, Trump's crypto project dropped $2.5M on Ethereum via DeFi!

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Other articles published on Dec 23, 2024