The price of XRP has recovered from the market fall of the previous week thanks to the buying activities of institutional investors known as “whales.”
Even while the market for other large-cap cryptocurrencies like Bitcoin [BTC] and Ethereum [ETH] has been relatively flat over the last 24 hours, Ripple [XRP] has actually gained momentum.
On Sunday, August 20th, during trading hours, the price of XRP increased to $0.55, as recorded by CoinMarketCap. Short-term bulls liquidated their positions, sending prices down to $0.52 per XRP at press time.
However, this short-lived increase was enough to increase public interest in the payment-centric cryptocurrency. According to LunarCrush, a social analytics company, XRP’s social interactions have skyrocketed in the last day.
Large XRP whales have been responsible for most of the market’s rebound after last week’s meltdown. Santiment, a blockchain analytics company, found that in the previous 24 hours, those who had between 10,000,000 and 1,000,000,000 tokens significantly increased their holdings.
At the time of writing, these huge whales had a total of over 16 billion XRP tokens, with a market value of $8.32 billion at the time of writing.
The overall number of whale transactions above $1 million also saw a large increase on Sunday, reflecting the rush of activity.
Nonetheless, the weighted sentiment indicator stayed in the negative zone, suggesting that the short-term mood around the coin remained dismal despite the attention demonstrated by whales.
The futures market for XRP tracked the movements of the spot market closely. According to Coinglass, as prices increased, bullish-leveraged traders grew more numerous, and wagers on price increases outnumbered wagers on price decreases.
As a result of the correction, long-position traders are now in the minority. After a partial victory in the long and contentious legal struggle against the U.S. Securities and Exchange Commission (SEC), the XRP community as a whole has been feeling more optimistic.
However, the fight is far from done since U.S. District Judge Analisa Torres allowed the regulator’s request for a review of the 13 July ruling in part.
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