XRP Rises as Whale Activity Declines and Demand Grows

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Cryptodnes2024/08/20 14:24

By:Cryptodnes

XRP price has climbed back to $0.60, marking its first return to this level in 10 days with a 7.74% increase over the past day.

This rise comes as part of a broader cryptocurrency market recovery, positioning XRP as the top gainer among major coins.

One key factor behind XRP’s price boost appears to be the reduced activity of large investors, or “whales,” who have significantly decreased their transactions on centralized exchanges like Binance since August 18.

Fewer whale transactions typically suggest less selling pressure, which has likely helped support XRP’s rebound.

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At the same time, trading activity on decentralized exchanges (DEXes) has surged by 28% in the last 24 hours, indicating growing on-chain demand for XRP. This increase in DEX volume is a positive signal for the token’s liquidity and price stability.

If these trends hold, XRP’s price could continue to rise in the coming days.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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