XRP Surges Beyond $0.58: Whale Influence and Market Recovery

IconCryptoNewsTerminal Staff16 Jul, 2024

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XRP Surges Beyond $0.58: Whale Influence and Market Recovery

Cryptocurrency market analysts are buzzing with the recent surge in XRP value, which has surpassed $0.58 for the first time since April 12th. On-chain analytics platform Sentiment credits this uptick to the increasing holdings of whales, entities holding over 100k XRP. Since last August, significant shifts in supply accumulation have been observed. This indicates a growing confidence among whales in XRP's long-term potential. The broader cryptocurrency market has also shown signs of recovery, with Bitcoin and Ethereum experiencing notable gains. At the time of writing, XRP is trading at $0.5866, representing an 11.76% increase in the last 24 hours, according to CoinMarketCap. This surge suggests that XRP is poised for further growth in the coming weeks and months.

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