In the past week, the XRP Ledger (XRPL) has witnessed a strong surge in user activity, with the number of daily active addresses skyrocketing from an average of 35,000 to over 295,000. According to data from Santiment, this increase indicates an impressive rise in interest towards the network, achieving a sevenfold increase compared to before. This is a clear sign that attention is being focused on XRP, especially in the context of rapidly changing market conditions.
XRP whales also strengthen their holdings
In addition to the increase in users, another important factor that has been recorded is the number of whale wallets – wallets holding more than 1 million XRP – which has reached an all-time high of 2,700 wallets. This is a significant milestone in the 12-year history of the XRP protocol, indicating a growing interest from large institutions or high-net-worth individuals in XRP.
The increasing number of whale wallets may reflect a growing confidence in the long-term value of XRP, a positive sign that institutions or large investors are reinforcing their investment strategies in this currency. The rise of whales may also be a signal that the market is seeking stability and trust in the future of XRP.
XRP price and trading volume rise to the sky
XRP is currently trading at $2.2, with a rise of 1% in the last 24 hours. The trading volume of XRP has risen to the sky by 248% during the same period, indicating an increasing market interest in this cryptocurrency.
According to data from Coinglass, the open contract (OI) has risen by 3% to reach 4.02 billion dollars, while the volume of derivative trading has also recorded a surge of nearly 300%, reaching 9.57 billion dollars. This strong increase in trading volume and open interest indicates a clear short-term speculative trend, but it is also a factor that could foreshadow strong price fluctuations in the future.
Another important factor is the emergence of large institutions that are looking to leverage their crypto assets without having to liquidate them. A good example is VivoPower, a publicly listed company, which announced a partnership with the Flare blockchain on June 11 to generate profits from its XRP holdings. This is a clear indication that institutions are starting to see XRP as a strategic asset that can provide long-term benefits without having to sell off.
In addition, last May, VivoPower invested $121 million in XRP as part of its strategic reserve fund, becoming the first company in the world to own an investment fund focused on XRP. This is a move that could set the stage for a shift in how large organizations approach cryptocurrency and blockchain.
XRP Price Analysis
On the technical chart, XRP is currently trading around $2.2, after a period of price volatility over multiple timeframes. On the daily chart, the RSI has dropped to 46 (dưới 50) neutral level, while the MACD shows a bearish crossover, indicating that buyers' control is waning. This could lead to a return to the support zone at $2.21.
At the same time, the MACD line has just crossed above the signal line, a potential signal for bullish momentum in the short term.
XRP price chart 1 day | Source: TradingViewHowever, on the 4-hour chart, the recent pullback from the local high of $2.35 indicates a weakening of the buying side in the short term. However, the RSI holding at 52.3 shows hesitation among investors, with no clear signals about the trend. Meanwhile, the MACD remains in the positive zone, signaling that there is still buying pressure in the market, but this momentum may not be strong enough to push the price to new highs immediately.
! XRP 4-hour price chart | Source: TradingViewOn the 1-minute chart, the price is fluctuating between $2.22 and $2.24, with the RSI and MACD moving sideways, indicating the hesitation of traders. Trading volumes remain modest, and there are no clear signs of a strong breakout in the short term.
If XRP can maintain support at the SMA 20-period moving average on the 4-hour timeframe, the possibility of recovering to the $2.3 level is completely feasible. However, if it cannot successfully protect the important support level of $2.21, the downward trend may continue, pulling the price of XRP back to the $2.1 zone.
The XRP Ledger is on track to record a strong increase in activity and interest from the user community, with an impressive rise in the number of whale wallets and trading volume. However, the significant fluctuations in the value of XRP also reflect a short-term speculative market, requiring caution in investment strategies.
Factors such as the participation of large organizations and the rise to the sky of whale wallets indicate that XRP is not just a speculative asset, but also an attractive long-term investment option for those who believe in the future of this network.
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The number of users on the XRP Ledger is increasing sevenfold daily - Is the price of XRP about to soar?
In the past week, the XRP Ledger (XRPL) has witnessed a strong surge in user activity, with the number of daily active addresses skyrocketing from an average of 35,000 to over 295,000. According to data from Santiment, this increase indicates an impressive rise in interest towards the network, achieving a sevenfold increase compared to before. This is a clear sign that attention is being focused on XRP, especially in the context of rapidly changing market conditions.
XRP whales also strengthen their holdings
In addition to the increase in users, another important factor that has been recorded is the number of whale wallets – wallets holding more than 1 million XRP – which has reached an all-time high of 2,700 wallets. This is a significant milestone in the 12-year history of the XRP protocol, indicating a growing interest from large institutions or high-net-worth individuals in XRP.
The increasing number of whale wallets may reflect a growing confidence in the long-term value of XRP, a positive sign that institutions or large investors are reinforcing their investment strategies in this currency. The rise of whales may also be a signal that the market is seeking stability and trust in the future of XRP.
XRP price and trading volume rise to the sky
XRP is currently trading at $2.2, with a rise of 1% in the last 24 hours. The trading volume of XRP has risen to the sky by 248% during the same period, indicating an increasing market interest in this cryptocurrency.
According to data from Coinglass, the open contract (OI) has risen by 3% to reach 4.02 billion dollars, while the volume of derivative trading has also recorded a surge of nearly 300%, reaching 9.57 billion dollars. This strong increase in trading volume and open interest indicates a clear short-term speculative trend, but it is also a factor that could foreshadow strong price fluctuations in the future.
Another important factor is the emergence of large institutions that are looking to leverage their crypto assets without having to liquidate them. A good example is VivoPower, a publicly listed company, which announced a partnership with the Flare blockchain on June 11 to generate profits from its XRP holdings. This is a clear indication that institutions are starting to see XRP as a strategic asset that can provide long-term benefits without having to sell off.
In addition, last May, VivoPower invested $121 million in XRP as part of its strategic reserve fund, becoming the first company in the world to own an investment fund focused on XRP. This is a move that could set the stage for a shift in how large organizations approach cryptocurrency and blockchain.
XRP Price Analysis
On the technical chart, XRP is currently trading around $2.2, after a period of price volatility over multiple timeframes. On the daily chart, the RSI has dropped to 46 (dưới 50) neutral level, while the MACD shows a bearish crossover, indicating that buyers' control is waning. This could lead to a return to the support zone at $2.21.
At the same time, the MACD line has just crossed above the signal line, a potential signal for bullish momentum in the short term.
! XRP 4-hour price chart | Source: TradingViewOn the 1-minute chart, the price is fluctuating between $2.22 and $2.24, with the RSI and MACD moving sideways, indicating the hesitation of traders. Trading volumes remain modest, and there are no clear signs of a strong breakout in the short term.
If XRP can maintain support at the SMA 20-period moving average on the 4-hour timeframe, the possibility of recovering to the $2.3 level is completely feasible. However, if it cannot successfully protect the important support level of $2.21, the downward trend may continue, pulling the price of XRP back to the $2.1 zone.
The XRP Ledger is on track to record a strong increase in activity and interest from the user community, with an impressive rise in the number of whale wallets and trading volume. However, the significant fluctuations in the value of XRP also reflect a short-term speculative market, requiring caution in investment strategies.
Factors such as the participation of large organizations and the rise to the sky of whale wallets indicate that XRP is not just a speculative asset, but also an attractive long-term investment option for those who believe in the future of this network.
Justin