Ripple $2.3 whales bought more XRP during the recent market crash, signaling a positive trend in the crypto market. The recent performance of XRP and the overall crypto market shows that investors are re-entering the market after a brief pause. The latest developments in Ripple indicate that the future course of the altcoin is strong.
Ripple Whales
Recent on-chain reports have reported that Ripple whales increased speculation by making heavy purchases during the market decline. According to reports, whales have accumulated 80 million XRP since December 17. These purchases offer investors the opportunity to buy at rock bottom prices.
Ali Martinez is one of the cryptocurrency analysts and stated that whales bought 80 million XRP during the market crash. These large purchases and other significant token transfers are fueling speculation in the digital assets space.
Donald Trump’s election victory has increased optimism in crypto markets this year. Trump’s commitment to make the USA the crypto capital is considered a harbinger of a potential rise for cryptocurrencies by US-based companies.
Additionally, Ripple’s significant donations to Donald Trump’s political crusade support the notion that crypto regulation in the United States could evolve positively. Ripple plans to donate $5 million to its launch program on January 20, while Coinbase and Kraken donated $1 million each.
Ripple’s RLUSD Launch
The launch of Ripple’s new stablecoin, RLUSD, is seen as a positive development for the future of XRP. Market experts state that RLUSD will increase liquidity over XRPL and support the use of XRP as a bridge asset in international payments.
The current price of XRP recently increased by over 4% to $2.36, and its trading volume increased by 27% to $26.34 billion. However, open interest in XRP’s futures has decreased by more than 30%.
Future of XRP Coin
Ali Martinez stated that a short position worth $20.50 million could be liquidated when XRP, which is extremely important for Ripple’s XRPL network, reaches $2.62. Experts believe that despite short-term fluctuations, XRP will reach the $3 level in the long term.
Donations by Ripple and other crypto firms to Trump’s inaugural program reinforce the expectation that crypto regulations may become friendlier in the United States. These developments offer positive signs for XRP’s future performance.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
