Even when the market was down, these whales continued to buy XRP. They see the lower prices as a discount and a good chance to buy more. According to recent data, many whales have been taking XRP off exchanges, suggesting they are holding onto it for the future.
Whales are confident as they keep buying more XRP, even when the price drops. Over the past three months, the number of addresses holding between 10 million and 100 million XRP coins has gone up a lot. This increase in whale activity usually leads to higher prices because it reduces the amount of XRP available for sale.
Recently, the price of XRP went up by 13.47% to $0.5017, with a daily trading volume of $2.583 billion. The demand for XRP has been growing since a partial victory in a legal case in July 2023. Upcoming meetings with the SEC may have also boosted the price of XRP.
Additionally, a testnet reset for the XRP Ledger (XRPL) on August 19 aims to improve the platform's stability and efficiency. RippleX is also looking into adding Ethereum Virtual Machine (EVM) features to the XRPL.
As the market changes, the crypto community will be watching closely to see how these big investors influence the price of XRP. Many believe that XRP's time may finally be here.
