Santiment, a behavioral analytics firm, noted that the number of XRP addresses on the XRP Ledger holding between one to ten million XRP has increased significantly since the 18th of July 2020.
The ledger has also seen more than 30 new whales representing a 3.7% surge. This is impressive within a short time. At the time of writing, the price of XRP is $0.312528. It is up by 10.08% against the USD and up by 8.63% against Bitcoin BTC. The trading volume over a 24 hour period is $3,196,773,583 and the market capitalization is $14,020,846,925.
The current surge in the price of XRP is significant because the token has been struggling to gain momentum for a long time. Before its current surge, XRP was stuck in the $0.1900 level for months. Less than two months ago, the token reached a $0.1500 low. It took weeks before it managed to move above this level moving as high as $0.2000. It’s not clear how long the price surge will last.
However, if the token keeps rising, it might move above the next resistance at $0.3200. Otherwise, strong support has formed in the $0.2800 level.
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.
- Grayscale Doubles Their XRP Investment in 24 Hours But Doesn’t Purchase Other Tokens
- XRP Continues to Gather Momentum, Surges Across $0.3000 for the First Time in Months
Ripple XRP isn’t usually known for being among the best performing altcoins during bull rallies. This time, however, the tables have turned and XRP is currently one of the best performers among the top 10 cryptocurrencies on CoinMarketCap. The token’s positive and commendable price recovery has pushed it back to the third position on CoinMarketCap.
Earlier today, the token managed to surge above a significant resistance level crossing the $0.3000 level for the first time in more than 6 months. It’s not a surprise that Grayscale decided to double down its XRP investment just two days ago in the wake of the market-wide rally.
XRP Price Prediction – Grayscale Doubles Their XRP Investment As the Token Surges Against the USD
A few days ago, as the price of XRP started moving higher against the USD, Grayscale, the well-known cryptocurrency investment, decided to double its XRP investment. Grayscale increased its XRP investment from $3.7 million to $6.2 million. This is the best price action XRP has displayed in months and Grayscale wasn’t about to lose out on this opportunity.
Grayscale isn’t the only investor that is double down on XRP, many other whales have been buying the token. The buying pressure has also helped the price of the token surge higher against the USD and maintain the bullish pressure.