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Ripple whales have aggressively bought 80 million XRP during the latest market downturn, pushing prices higher and fueling predictions of a move toward $3. Optimism builds with Ripple’s new stablecoin and pro-crypto developments.
Whales Spark Buying Frenzy as XRP Prices Dip
Recent actions by Ripple whales have renewed speculation about the future of XRP, according to Coingape. As the wider cryptocurrency market experienced a recent drop, providing investors with a buy-the-dip chance, the whales reportedly persisted in their buying frenzy.
Many investors have taken advantage of the recent steep drops in Bitcoin and other popular altcoins by purchasing them at a discount.
The recent uptick in XRP purchases was brought to light by renowned crypto market researcher Ali Martinez.
Ripple Whales Accumulate 80 Million XRP Amid Market Volatility
According to him, the whales have amassed 80 million coins since the market began to decline on December 17 following a strong surge in the previous days. Furthermore, additional large-scale token transfers have contributed to the speculation surrounding digital assets, particularly in light of recent events.
At the same time, market optimism this year has already been driven by Donald Trump’s election victory. On top of that, crypto has played a pivotal role this year, especially when Trump pledged to turn the United States into the crypto capital. Because of this, people are wondering if US-based crypto issued by companies could soon see a surge.
Along with other cryptocurrency companies, the blockchain firm allegedly contributed significantly to Donald Trump's inauguration.
Ripple Stablecoin RLUSD and Trump's Crypto Pledge Drive Momentum
Fox Business claims that Ripple will provide $5 million to the fund, while Coinbase and Kraken will each contribute $1 million. Following Trump's inauguration on January 20, this has added gasoline to the fire of hopes for a crypto-friendly regulatory climate in the United States.
This XRP news is likely to add to the bullish momentum that has already been fueling confidence since the debut of Ripple stablecoin RLUSD. Professionals in the field predicted that the new stablecoin's XRPL liquidity boost will increase the value of its native cryptocurrency and make it more attractive as a medium of exchange for international payments.
The price of XRP increased by over 4% today, trading at $2.36, while the number of its transactions increased by 27%, reaching $26.34 billion.
XRP Eyes $3 Despite Short-Term Market Pullbacks
Traders are showing signs of renewed faith in the cryptocurrency as its price fell below $2 in the past day. Nevertheless, according to CoinGlass statistics, its Futures Open Interest was almost 30% lower at the time of writing, even if it has just surged.
Furthermore, Ali Martinez just stated in another post that if Ripple's native cryptocurrency reaches $2.62, there might be a significant liquidation of $20.50 million in short positions. Experts were however optimistic about the coin's long-term journey towards the $3 mark ahead, despite these concerns about a short-term drop.
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