XRP has drawn significant attention as major investors, known as whales, made bold moves during a recent market dip.
Reports indicate that over 100 million XRP tokens were acquired by these investors, sparking optimism for a potential price recovery.
Crypto analyst Ali Martinez revealed that whales took advantage of the market crash, amassing XRP in a strategic “buy-the-dip” approach. While this has fueled bullish sentiment, concerns arise from contrasting data showing over 2.66 billion XRP transferred to Binance in the past month, increasing exchange supply and adding uncertainty to the market outlook.
XRP has shown resilience, rising 6% intraday to $2.369, with technical indicators pointing to further gains. Analysts note a breakout from an eight-year bullish pennant, a pattern associated with major upward momentum.
Ripple Labs’ approval from NYDFS for its RLUSD stablecoin adds further optimism, signaling progress in Ripple’s ecosystem. As the token’s price movements unfold, the combined impact of whale activity and Ripple’s developments will be closely monitored.
Ethereum investors who bought at higher price levels are now struggling to inject new capital into the market, raising doubts about the cryptocurrency’s ability to regain momentum, according to Chinese on-chain analyst Murphy.
Dogecoin’s network has seen a massive uptick in activity, with the number of active addresses skyrocketing by 400%, according to blockchain analytics.
Ella Zhang, head of YZi Labs (formerly Binance Labs), has observed a noticeable change in crypto investment patterns.
21Shares has decided to shut down its Bitcoin and Ethereum futures ETFs, with liquidation expected to take place by March 28.