The cryptocurrency market has been quiet lately, but an enormous investor called whale has been exceptionally active lately. This has given XRP, Ripple’s own coin, some hope. This prominent figure bought 23 million XRP on Tuesday, which brought new attention to the coin that has been having problems.
A site called Whale Alert, which tracks major cryptocurrency deals, saw the buy and found that the tokens went back to a Binance exchange wallet. The name of the recipient has not been made public, but the fact that a Binance account was used says that more business may be done.
Some experts believe that this move by the whale could be the start of a new era for XRP. In the past, such major expenditures have often been followed by price increases. But people should be careful because whale behavior can be affected by many things, and one transaction does not imply that Ripple’s native token will keep going up.
XRP’s Open Interest Dips
Things are more difficult now that XRP Open Interest (OI) has declined. With Coinalyze, we can see that XRP OI has dropped by 2.12% in the past 24 hours. Open Interest informs how much all the open futures contracts for a certain coin are worth.
When prices go down, it could mean that people are lowering their loaded investments. This is a sign of short-term selling pressure.
They say that fixed contracts, which make up most of XRP OI and are worth more than $374 million, are still very important. If more people buy, the Open Interest trend might go against it. This could make prices rise.
When people talk about Ripple’s native token future, they need to talk about the current legal battle with the US Securities and Exchange Commission (SEC). It has had an enormous impact on how well the token has done because of the case, which says that XRP is an unregistered property.
Investors are still cautious, even though the recent “remedies phase” of the lawsuit points to a possible settlement. The end outcome and its timeline are still unknown, which makes it hard for regulators to decide what to do with Ripple’s token.
At the moment, XRP is worth about $0.50, which is a significant decline from its all-time high of over $3. This price is based on both the fact that the market is generally going down and the fact that the law is not clear at the moment.
People who believe in XRP have reason to be hopeful since a “whale” recently bought some of it and talks with the SEC are still going on. But the price’s continued rise is subject to several conditions. The case needs to be properly heard and the market needs to get better in general for XRP to get better.
