- XRP at the time of writing was up 12.28% from a week earlier.
- Buying pressure for XRP exceeded selling pressure.
The world’s fifth largest cryptocurrency by market capitalization Ripple [XRP] witnessed the most profitable rally in the past 24 trading hours since the August crash, rising to almost $0.58, according to CoinMarketCap.
As traders locked in gains, the rally was halted and XRP returned to $0.55 at the time of writing. Still, the payments-focused cryptocurrency was up 12.28% from a week earlier.
Is your portfolio green? Check out the XRP profit calculator
Bullish sentiment for XRP
Apparently, the market was more interested in buying XRPs than selling them, as evidenced by the positive reading of Hyblock Capital’s Volume Delta metric.
Keep in mind that Volume Delta is the difference between buying and selling pressure. Traders commonly rely on this metric to make their trading positions more convincing. As buying sentiment was dominant, traders entered the market in long positions.
Source: Hyblock Capital
Whales join the party
The price increase of XRP was followed by an increase in accumulation by large XRP whales. Data from blockchain analytics firm Santiment showed that the cohort hoarding between 10 million and 1 billion tokens have been aggressively adding to their positions since the start of the week.
In fact, the cohort’s combined XRP holdings have risen to a whopping 16.24 billion.
Source: Santiment
The increased whale activity was also reflected in the significant increase in the total number of transactions worth more than $1 million.
Source: Santiment
During periods of extreme volatility in a consolidating market, we often see experienced investors adding fundamentally strong assets to their portfolios. They then hoard the assets and wait for peaks in the bull cycle before they can distribute them.
However, despite the interest from whales, short-term sentiment around the token remained grim, while the weighted sentiment indicator floundered in the negative zone.
Read XRP’s Price Prediction 2023-24
Ripple closes major deal
Meanwhile, the Ripple ecosystem announced a new deal with global Web3 financial platform Upbold. As part of the partnership, 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