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XRP Rises as Whale Activity Declines and Demand Grows

20.08.2024 15:00 1 min. read Alexander Stefanov
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XRP Rises as Whale Activity Declines and Demand Grows

XRP price has climbed back to $0.60, marking its first return to this level in 10 days with a 7.74% increase over the past day.

This rise comes as part of a broader cryptocurrency market recovery, positioning XRP as the top gainer among major coins.

One key factor behind XRP’s price boost appears to be the reduced activity of large investors, or “whales,” who have significantly decreased their transactions on centralized exchanges like Binance since August 18.

XRP Whale to Exchange Transactions.

Fewer whale transactions typically suggest less selling pressure, which has likely helped support XRP’s rebound.

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At the same time, trading activity on decentralized exchanges (DEXes) has surged by 28% in the last 24 hours, indicating growing on-chain demand for XRP. This increase in DEX volume is a positive signal for the token’s liquidity and price stability.

If these trends hold, XRP’s price could continue to rise in the coming days.

Alexander Stefanov
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With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.

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