Tuesday, March 28, 2023

XRP Whale Intensifies On-Chain Activity – Will the XRP Price Go Parabolic?

xrp price

The XRP price is retesting a macro falling trend for the third consecutive week with minimal success. Trading around 40 cents, the Ripple-backed crypto asset has seen its underlying value significantly suppressed by the ongoing lawsuit filed by the U.S. SEC two years ago. Nonetheless, the company’s crypto-enabled cross-border payments solution, On Demand Liquidity (ODL), has made significant strides in onboarding institutional investors.

According to the company’s fourth-quarter report on the XRP market, the On Demand Liquidity (ODL) launched in France, Sweden, and Africa are now available in nearly 40 payouts markets. As such, XRP is bound to record an increase in whale accounts utilizing XRP for the ODL transfers.

The Q4 2022 XRP Markets Report is now live–detailing ebbs and flows in the broader crypto market to a ramp up in regulatory actions, as well as significant XRPL technical developments including XLS-20 going live on Mainnet, and the EVM sidechain on Devnet.https://t.co/mxpJAHfZTf

— Ripple (@Ripple) January 30, 2023

Can Whale Power Push XRP Price Beyond $0.4?

The XRP price has significantly been bolstered by whales despite several crypto exchanges delisting the asset following the commencement of the lawsuit by the SEC. According to on-chain research conducted by whale alert, several XRP transactions have been spotted in the past 24 hours cumulatively worth hundreds of millions of dollars. 

Notably, the two largest XRP whale transactions spotted in the past 24 hours amounted to approximately $198 million, each worth $99 million. Thereby insinuating a correlation between the two whale transactions.

The XRP price has, however, not made significant moves in the past few days to break through a year-long falling trend line. Should the whale purchasing power exceed the XRP shorts in the coming weeks, a breakout could take place soon. 

If not, the digital asset could find some temporary solace between $0.32 and $0.36, a support line that has sustained since June last year.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Amidst raging digital asset market, XRP, the third-largest cryptocurrency, has been making headlines due to its bullish price movements and unusual on-chain activity. A recent report published by Santiment — a behavior analysis platform — revealed that XRP whale activity has intensified in the last few weeks, raising the question of whether their increased presence could lead to a big price hike.

Whales are large holders of digital assets and can significantly influence the price of a cryptocurrency. According to the report, XRP whale addresses that hold 1000 or more coins have increased by nearly 20% in the past thirty days. At the same time, unusual activity from these whales has caused a stir within the XRP community.

It appears that XRP whales are using various means to accumulate more of the asset, such as buy walls and flash loan transactions. Buy walls are used to prevent a rapid price drop, as well as prop up the price of a crypto asset. Flash loan transactions allow whales to borrow crypto without putting up any collateral and then leverage it for further gains.

The activity from the whales has kept the XRP price near its all-time high of $0.63. While the price has yet to break that record, the coin may be poised to do so if the whales keep accumulating. XRP price is also likely to benefit from Ripple’s recent deal with MoneyGram, whereby MoneyGram will use Ripple’s payment solutions to send money across borders faster and cheaper.

The increased whale activity, coupled with Ripple partnership news, may be enough to push the price of XRP to parabolic heights. While some short-term gains could be expected, investing in XRP is highly speculative and caution is strongly advised.

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