The wider ecosystem of the digital currency is witnessing a moderate upward surge today, with XRP whales positively following this trend. According to insights from top market analyst Ali Martinez, Ripple whales have been in an accumulation frenzy over the past seven days, collecting more than 360 million XRP coins, which, when valued at today’s price, amounts to over $223 million.
The accumulation of XRP reaffirms the digital currency’s appeal to both individual investors and market whales. At the time of writing this report, XRP was hovering at $0.6172, experiencing a 0.67% decline after earlier gains. From this amount, the total accumulation measures to $1,002,305,666 based on the currency’s trading volume.
As shared through charts by Ali Martinez, this trend may continue in the near future. With retail withdrawals having minimal impact on XRP’s price, the responsibility for driving the recovery now rests on market whales.
While accumulation has its fluctuations, whale buyers can help maintain prices and pave the way for impending bullish transactions in the near future. XRP’s appeal is growing.
In addition to regular price fluctuations, XRP enjoys an attractive feature that enhances its utility in the short term: On-Demand Liquidity (ODL) from Ripple Labs Inc., its American blockchain payment subsidiary.
Furthermore, the increasing adoption of XRP Ledger (XRPL) through side chains Evernode and Xahau has also contributed to the growing significance of the digital currency.
The burn of XRP into XAH has the potential to further boost the currency’s resurgence due to the scarcity it will provide.
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