The post Why XRP Price Crash Precedes Rally To $1 appeared on BitcoinEthereumNews.com.

XRP price is down nearly 3% today as Bitcoin (BTC) and Ethereum (ETH) struggle to uphold key support levels. Despite the short-term bearish trend, Ripple signals a long-term bullish trend reflected by a spike in whale accumulation and solid fundamentals. XRP Price Market Movers: $200M Whale Transfer, Ripple Partnerships, Bullish On-chain Metrics XRP price experienced a 2.2% decline in 24 hours, with the weekly loss summing to 2.8% amid a massive 94,325,384 XRP transfer from an unknown wallet to another unknown wallet, Whale Alert updated on X earlier today. If the whale intends to sell or diversify into other digital assets, this transfer could dampen the impending breakout and possibly trigger another sell-off. 🚨 🚨 🚨 94,325,384 #XRP (53,656,730 USD) transferred from unknown wallet to unknown new wallethttps://t.co/3kH4omAfIq — Whale Alert (@whale_alert) August 28, 2024 Major banks continue to join Ripple’s payment network to reduce costs, increase transaction speed, and access new markets. According to the latest report, many global banks tap into the blockchain company’s XRP Ledger (XRPL) technology hail from China, Hong Kong, and the Philippines, including the Agricultural Bank of China, Bank of Beijing, and Standard Chartered Bank. Intriguingly, Bank of America has collaborated with Ripple since 2018 despite previous doubts, highlighting the company’s ability to offer robust financial services and transactions. The supply of XRP on exchange recently fell below the 3 million mark to hold at 2.64 million on August 27. Note that a persistent decrease in this Santiment metric can be a bullish sign. It proposes that investors are holding XRP as opposed to selling and signals confidence in XRP price appreciation. Ripple supply on exchanges | Santiment Ripple whales are unfazed by price doldrums, seeing that they continue to increase their XRP holdings. On-chain data reveals that large-volume investors currently hold 3.88 billion XRP, a…

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Filed under: News - @ August 28, 2024 9:27 pm