XRP News Update: Ripple’s Price Dips While Whale Transactions Surge

The post XRP News Update: Ripple’s Price Dips While Whale Transactions Surge appeared first on Coinpedia Fintech News

Ripple Labs-backed XRP has been the focal point for both retail traders and institutional investors in the recent past. The large-cap altcoin, with a fully diluted valuation of about $55.7 billion and a daily average traded volume of around $2.6 billion, pumped more than 40 percent in the past two weeks to retest 63 cents.

After posting an impressive growth performance, XRP price has been undergoing a correction in the last two days. 

According to the latest crypto oracles, the price of XRP dropped over 8 percent to trade at about $0.558 on Friday during the early European session. 

XRPL Rising Activity 

As Coinpedia reported on Thursday, the XRP network has registered many whale transactions in the past few days. According to on-chain data analysis provided by Santiment, around 52 billion XRPs are held by whale traders with an account balance of more than 100k units. 

In the past few days, XRP whales have accumulated more than 130 million units from different crypto exchanges led by Binance, Bitso, Bitstamp, and Upbit.

The rising demand from XRP whales has increased the emergence of FOMO traders on the XRPL network. According to data analysis conducted by Santiment, the number of new and total addresses interacting on the XRPL network has spiked to the highest level since March. 

What Next?

The XRP price has been forming a macro bullish outlook similar to the pre-2017 parabolic breakout. The XRP global community continues to long for a resolution between the US SEC and Ripple in the ongoing lawsuit. Additionally, the Ripple community has been advocating for Donald Trump’s re-election to secure its ground in the United States.

From a technical standpoint, the XRP price could rise to 87 cents in the midterm if it holds onto the support level range between 54 and 58 cents.