Ripple’s XRP is witnessing rising whale activity despite the massive sell-off across the broader crypto market. Top cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) have tumbled significantly amid the rising selling pressure.
The BTC, ETH, and XRP prices are down 8%, 9%, and 6%, respectively in the last 24 hours, with risks of more correction. However, Ripple’s global expansion of its services and presence raises optimism over the XRP price rally.
Whales Are Optimistic on XRP Price and Ripple’s Future
According to the on-chain platform Santiment, the XRP Whale Transactions data indicate a massive jump in whale activity for XRP during the closing hours on August 19. Also, the Weighted Sentiment data reveals rising optimism on XRP.
The increase in whale activity and sentiments shows whales and investors are bullish on XRP despite the massive sell-off across the crypto market. Also, XRP may witness recovery prior to Bitcoin and altcoins.
The whale transactions have hit a 3-month high, with more than 450 whales making several $100k+ XRP transactions in just 8 hours. The last time such high XRP transactions were recorded was during the Terra-led market crash on May 13.
Additionally, market sentiments have hit the highest since April amid the growing adoption of Ripple’s cross-border payments solution, global expansion of Ripple through new partnerships, and growing optimism over Ripple’s chances of winning the lawsuit against the SEC.
On Thursday, Ripple announced a partnership with Brazil’s Travelex Bank. The bank will use Ripple’s On-Demand Liquidity (ODL) service for cross-border payment settlement. Moreover, XRP is now classified as “digital currency” by several banks such as Goldman Sachs, Wells Fargo, and HSBC. This will boost the XRP price.
Also, Ripple seems to have an upper hand in the lawsuit against the SEC, as the whole argument is now stuck on SEC disclosing the Hinman speech documents. Meanwhile, SEC claims the documents hold no relevance.
XRP Shows Strength
In the last 24 hours, the XRP price is down just 1%, with the price currently trading at $0.34. The market-wide sell-off takes XRP from $0.39 to $0.33.
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