These Signals Hinted a Big Move Was Coming

XRP Explodes to a Monthly High: These Signals Hinted a Big Move Was Coming

Here’s what happened behind the scenes before, during, and after XRP’s major double-digit rally to $1.14.
ByJordan Lyanchev

Most of July and August were highly dull trading periods for the entire cryptocurrency market, with little to no movement, a lack of actual interest, and missing volume.

It all changed yesterday afternoon when the market was revived with major price rallies across all assets. Ripple’s XRP also exploded alongside its peers, but there could be more to its story.

The Story

The cross-border token finally broke decisively away from the $1.00 danger zone, surging by double digits to a monthly peak at $1.14 before it retraced slightly to the current $1.10. There are several reasons, besides the big one behind the market’s resurgence, that can be attributed to XRP’s uptick.

As reported earlier this week, whale activity picked up on several fronts. The number of transactions worth more than $1 million soared by 280% within a single day, reaching almost 40 compared with roughly 10 during each of the preceding two days.

Although this wasn’t necessarily an accumulation signal since large transactions can be buying, selling, or simply transfers, it followed another notable whale development in which market participants holding between 10 million and 100 million XRP purchased roughly 72 million tokens in 24 hours.

The token supply sitting on exchanges was also moving in the right direction for months, as over 240 million XRP left Binance, Upbit, and Coinbase between June and mid-August. These platforms’ combined reserves went down from roughly 5.36 billion to 5.12 billion tokens.

Last but not least, the overall network activity has risen lately, with the XRP Ledger recording almost 50,000 active addresses within 24 hours, the highest figure in over two months.

Source: cryptopotato.com