- XRP was 12.28% higher than what it was a week before as of press time.
- Buying pressure for XRP trumped the selling pressure.
The world’s fifth-largest crypto by market cap Ripple [XRP] witnessed the most profitable rally in the last 24 hours of trading since the August crash, rising to nearly $0.58, according to CoinMarketCap.
As traders locked in gains, the rally was halted and XRP retraced to $0.55 at the time of writing. Nonetheless, the payment-focused crypto was 12.28% higher than what it was a week before.
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Bullish sentiment for XRP
Apparently, the market was more interested in buying XRPs than selling, as evidenced by the positive reading of Hyblock Capital’s Volume Delta metric.
Note that Volume Delta is the difference between buying and selling pressure. Traders usually take a cue from this metric to add conviction to their trading positions. With buying sentiment being dominant, long-position traders entered the market.
Source: Hyblock Capital
Whales join the party
XRP’s price rise was followed by surge in accumulation by large XRP whales. Data from blockchain analytics firm Santiment showed that the cohort hoarding between 10 million and 1 billion tokens added aggressively to their positions since the start of the week.
In fact, the combined XRP holdings of the cohort jumped to a whopping 16.24 billion.
Source: Santiment
The heightened whale activity was also reflected in the significant uptick in the total number of transactions worth more than $1 million.
Source: Santiment
During periods of extreme volatility in a consolidating market, experienced investors are frequently seen adding fundamentally strong assets to their portfolios. They then hoard the assets and wait for bull cycle peaks to distribute them.
However, despite the interest shown by whales, the short-term sentiment surrounding the token remained grim, as the weighted sentiment indicator plodded in the negative zone.
Read XRP’s Price Prediction 2023-24
Ripple strikes important deal
Meanwhile, the Ripple ecosystem announced a new deal with global Web3 financial platform Upbold. As part of the collaboration, Uphold would provide Ripple with enhanced crypto liquidity capabilities to strengthen its popular cross-border payments infrastructure.
BIG NEWS: @Ripple Forges New Partnership with Uphold to Enhance Underlying Crypto Liquidity Infrastructurehttps://t.co/1gJh95KDTQ pic.twitter.com/FLSDQxO0co
— Uphold (@UpholdInc) October 24, 2023