There is some good news for XRP even as uncertainty continues to loom over the entire cryptocurrency market. Following its increase at the beginning of August, the price of XRP has been in a stabilisation phase for the past few weeks. Whales appear to be coming back into the market, though, which might help the coin get over this stage.
Coinglass reports that during the last day, there has been an 82.22% increase in XRP trading volume. The volume has increased to an astounding $868.67 million as a result of this surge. As the price of XRP keeps falling, it appears like whales are making a comeback, as seen by the increasing trading activity. They could be buying the dips.
Furthermore, all of the leading cryptocurrency exchanges are seeing increased trading activity. $309.11 million in trading volume for XRP has been attracted to Binance, the top trading platform in terms of volume. Bybit ($168.98 million), Bitget ($139.10 million), and OKX ($86.63 million) are the next in line.
Potential XRP price rally
Given that there are signs of the XRP whales’ revival, this is a significant development for the coin linked to Ripple. If past performance is any indication, whale purchasing has typically been followed by significant price increases in the next days or weeks. There is a good chance that XRP will have a possible comeback in the next term if the whales continue to provide this assistance.
The coin’s price as of the time this article is written is $0.5549, following a little decrease of 0.68% over the previous day. Notably, in the past 30 days, the price of XRP has decreased by just 3.38%. Since other currency, including Bitcoin (BTC), have decreased by about 8–10% throughout this period, this decline is hardly significant.
This is a significant divergence, indicating that XRP has managed to withstand the negative pressure in spite of its brief recovery last month. Now, the possible return of whales is suggesting that there will be another price spike soon, and if that occurs, XRP may go into a longer bullish period.
