XRP Price Signals Major Bullish Uptrend Ahead Catalyzed by Rising Whales Demand
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Coinspeaker XRP Price Signals Major Bullish Uptrend Ahead Catalyzed by Rising Whales Demand The altcoin industry led by Ripple-backed XRP, Solana (SOL), and Dogecoin (DOGE) has attracted significant attention from crypto investors following the final approval of spot Ethereum ETFs in the United States. As expected, speculation about the next major project after Ethereum would lead to a bullish outlook. Furthermore, the crypto issue is expected to play a crucial role in the upcoming elections in the United States. XRP Demand Rises According to on-chain data analysis provided by Santiment, XRP whales scooped up more than 140 million units last week, worth over $84 million. The XRP whales have been making several purchases on major centralized exchanges in the recent past. For instance, more than 26.4 million XRP units, worth over $16 million, were transferred from Binance to an unknown address on Tuesday. Consequently, the XRP supply on centralized exchanges has been on the decline despite the monthly sales by Ripple. 🚨 26,472,378 #XRP (16,027,145 USD) transferred from #Binance to unknown wallethttps://t.co/AkO8KCPc9O — Whale Alert (@whale_alert) July 23, 2024 Notably, Ripple has made deliberate efforts to improve the XRP liquidity and adoption in the past few years. As Coinspeaker previously reported, Ripple has developed the necessary infrastructure to enable XRPL to become the desired option for global payments. Earlier this year, Ripple unveiled the XRPL EVM sidechain geared towards enabling multichain web3 development by tapping on the XRP. Ripple also launched an AMM and a native DEX to aid in the seamless adoption of XRP globally. Meanwhile, Ripple intends to launch a native US dollar-backed stablecoin on the XRPL and Ethereum network to further streamline its bid to become a leader in cross-border payments. Lawsuit Resolution The global XRP community is anticipating the resolution between Ripple and the US SEC…
Filed under: News - @ July 24, 2024 2:18 am