TL;DR
- The actions of large cryptocurrency investors, typically referred to as whales, have the ability to impact the markets with their large purchases or sell-offs.
- However, that hasn’t been the case in the past 24 hours when it comes to the third-largest digital asset by market cap.
Data from the popular analyst reveals that whales had disposed of over $120 million worth of XRP in the span of just a day. Although this is not among the most significant and most influential sell-offs in recent months, it could still trigger a domino effect for smaller investors as well.
However, Ripple’s token has defied this development. Instead of feeling the selling pressure and heading below the crucial $3 support, which it had reclaimed in the past few days, XRP went on the offensive and jumped to almost $3.10.
This became its highest price level since August 26, when it was rejected at $3.12 and pushed south to under $2.85. XRP sits at $3.05 as of press time, being up by 1.5% daily and almost 9% weekly. Its market cap has grown to over $180 billion.
Analysts are adamant that the next rally is around the corner, with some outlining targets of over $4 and up to $5 , which would set a new all-time high.
On the much-observed ETF front, though, XRP continues to receive blows from the US regulator (the SEC), as the agency delayed making a decision on another spot Ripple fund earlier this week.
