XRP Whales Go on a Buying Spree! 90 Million XRP Worth $250 Million, Is the Market About to Explode?
The XRP market has shown some noteworthy movements. According to on-chain analyst Ali Martinez, there has been a massive “whale” activity within the XRP ecosystem just before the White House cryptocurrency summit. These “whales” purchased over 90 million XRP in just three days, totaling nearly $250 million. This move reversed the whale sell-off at the end of February, indicating a significant shift in market sentiment.
It is noteworthy that these whales not only bought large amounts of XRP but also transferred over $5 billion worth of XRP between different addresses. Meanwhile, the number of active XRP addresses surged from a low of 74,589 to 462,000, showing a significant increase in market participation.
However, this large-scale accumulation has also raised some concerns. Some suspect that this could be a typical “pump and dump” strategy, where whales drive up the price through massive buying, then sell off at a peak to profit. This behavior is particularly suspect just before the White House cryptocurrency summit.
The fundamentals of XRP seem to be improving. The token has been included in strategic cryptocurrency reserves, indicating recognition of the XRP project by Washington regulators. Additionally, Ripple's long-standing lawsuit with the U.S. Securities and Exchange Commission (SEC) may be nearing a turning point. Rumors suggest that the SEC might withdraw its charges against Ripple, similar to how it previously dismissed the lawsuit against Kraken. This news undoubtedly injects more confidence into the XRP community.
More notably, Ripple co-founder Brad Garlinghouse may be appointed to a government position. This rumor further intensifies market speculation, especially regarding whether Garlinghouse will attend the White House cryptocurrency summit. The community generally believes that the policy discussions at the summit could have a positive impact on XRP.
XRP's price has risen to $2.60, with a 5% increase in the last 24 hours. Market optimism is heating up, and many believe XRP may be on the verge of a new upward trend.
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