- Ripple whales accumulated over 470 million XRP, indicating rising interest from major players in the crypto market.
- Turkish bank Garanti BBVA has integrated XRP into its mobile app, enhancing its cryptocurrency service offerings.
According to popular on-chain analyst Ali Martinez, Ripple whales have been making significant swings in the XRP market, buying over 470 million XRP in the last 10 days. Blockchain data trackers and crypto analysts have confirmed this accumulation, indicating that large investors are preparing for a significant price rally.
#Ripple whales have bought over 470 million $XRP in the past 10 days! pic.twitter.com/8I3ZWF0cgO
— Ali (@ali_charts) September 29, 2024
Whale Alert specifically reported big transactions, including two transfers of 31 million XRP apiece and another of 26 million XRP from South Korean crypto exchange Upbit to unknown wallets.
This rise in whale activity fueled XRP’s momentum, resulting in an 8% weekly price increase, with the token reaching a high of $0.665 on September 29.
XRP Momentum Surges as Whale Activity Fuels Bullish Sentiment
This whale accumulation is consistent with the overall bullish sentiment among XRP enthusiasts. According to data, around 86% of the community is enthusiastic about the future of XRP, believing it is primed for further growth.
The accumulation by Ripple whales has likely contributed to the recent XRP price rises, which have increased its market cap by more than $3 billion in just seven days. This increase has strengthened XRP’s reputation as a major digital asset, attracting additional investment interest.
The breaking of key resistance levels, like $0.60, has spurred speculation that XRP might reach $0.74 or even $0.90 if it can overcome obstacles and maintain its momentum. However, a pullback below $0.63 might position the next support level around $0.58. As of writing, XRP is trading about $0.6092, down 2.39% over the last 24 hours.
Ripple’s Upcoming Token Release Signals Confidence Despite Market Concerns
Beside that, Ripple plans to release 1 billion XRP on October 1 as part of its escrow program, which distributes monthly amounts from the company’s non-circulating supply. This release, valued at over $640 million at current pricing, is likely to play a significant part in Ripple’s sales strategy.
While some fear that issuing such a huge number of tokens will put negative pressure on the XRP price, the predominant bullish feeling indicates that the community is confident that this step will not derail the token’s upward trajectory.
In this setting, overall confidence in XRP’s potential growth remains high as the token heads into what many in the crypto community regard as “Uptober,” a traditionally good month for crypto markets.
On the other hand, CNF has reported that Turkey’s second-largest bank, Garanti BBVA, has expanded its cryptocurrency capabilities by incorporating Ripple’s XRP and Arbitrum (ARB) into its mobile application.
