XRP Price Decouples from Bitcoin Fueled by Whale Investors

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As a seasoned researcher with over a decade of experience in the crypto industry, I’ve witnessed numerous ups and downs, bull runs, and bear markets. The recent developments surrounding XRP have piqued my interest once again.

Over the past few weeks, XRP, supported by Ripple Labs, has progressively moved away from Bitcoin‘s (BTC) impact within the cryptocurrency sector. This significant altcoin, valued at approximately $65 billion in its fully diluted market cap and trading around $3 billion daily, experienced a surge of over 8% in the last 24 hours, reaching approximately $0.6462 during the early London session on Wednesday.

Meanwhile, the price of Bitcoin hovered near $66,000 – a decrease of more than 4% – following another rejection just below $70,000.

XRP Whales on the Hunt

Based on data analysis from market intelligence firm Santiment, it’s been observed that the number of XRPL accounts holding at least 10,000 XRP units has significantly increased this year. In fact, as of recently, this figure peaked at approximately 279,400 accounts, which is the highest it’s been in the past six months.

Over the past five weeks, approximately 2,389 new large XRP holders (XRP whales) have emerged, contributing to the recent surge in price. Moreover, Santiment’s analysis reveals that accounts holding over 100,000 XRP units have been gradually accumulating more coins for the past five months.

In the last five weeks, there’s been a dramatic increase in the number of digital wallets containing at least 10,000 XRP. As of now, approximately 279,400 such ‘whale’ and ‘shark’ accounts are registered on the ledger, reaching a six-month peak. The relationship between these large wallets and XRP’s market value has been strikingly clear throughout 2024. Thumbs up!
— Santiment (@santimentfeed) July 30, 2024

As a crypto investor, here’s what I’m keeping an eye on: Tomorrow, Ripple is anticipated to release a billion units of XRP from their escrow account. It’s likely that most of these will be re-locked back in. Additionally, Ripple has been striving to control its monthly sales, as they navigate ongoing legal disputes with the US SEC.

Improving Fundamentals

In spite of encountering legal hurdles over the last few years, XRP still ranks among the ten most valuable digital currencies. The Ripple organization, headed by CEO Brad Garlinghouse, is persistently working on developing essential framework to facilitate widespread adoption of XRPL and XRP.

As a seasoned web3 developer with years of experience building decentralized applications, I am thrilled about Ripple’s latest announcement regarding the launch of the XRPL EVM sidechain for seamless web3 development. Having worked on projects in various markets, I understand the need for easy-to-use and scalable platforms to create innovative blockchain solutions.

As a long-time cryptocurrency enthusiast and investor, I have witnessed the evolution of the digital asset industry from its early days to its current state. My personal journey has been filled with both successes and failures, but one thing remains constant: my unwavering belief in the potential of blockchain technology to revolutionize finance.

To ready the rollout of their digital currencies known as RLUSD, Ripple is collaborating with ClearBank, Zero Hash, and other partners.

Currently, the Ripple team is optimistic about a swift resolution with the U.S. Securities and Exchange Commission (SEC) given the recent developments. It’s worth noting that the SEC has chosen not to pursue investigations against several cryptocurrency projects concerning securities regulations in the past.

Midterm Prediction

Over the past four weeks, the XRP price has surged by over 35%, reaching a significant barrier near 66 cents. If it consistently manages to break through this level, we can expect the price to aim for approximately 75 cents next.

If XRP‘s price continues to lack upward pressure, it seems likely that a downturn toward the 54 cents to 50 cents range may occur as a correction. After this correction, the price could potentially reach a new record high.

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2024-07-31 13:23