In a notable transaction, an XRP whale moved a whopping 100 million XRP tokens. The move sparked speculation about the deal’s potential impact on Ripple’s native token price. Meanwhile, analysts remain optimistic about the future trajectory of XRP price.
XRP whale makes big move
According to data from Whale Alert, XRP whales transferred 100 million tokens worth approximately $51.6 million between unknown wallets. This move was made between two wallets, so the impact on the market is unknown.
Even if whales sell their holdings from the market, there will be no consequences. However, if a deal is subsequently made to start selling on exchanges, the current woes of the XRP price could become even worse. This move has sparked fresh speculation about the future of XRP, especially as activity on the XRP Ledger (XRPL) continues to surge.
The latest data shows a significant increase in activity across XRPL’s automated market maker (AMM) and decentralized exchange (DEX) platforms. Trading volumes have increased up to 40x in the past week. This dramatic increase highlights the potential for decentralized trading to expand within the XRPL ecosystem.
🚨 🚨 🚨 100,000,000 #XRP (51,645,295 USD) Transfer money from unknown wallet to unknown wallet https://t.co/tWxx94W026
— Whale Alert (@whale_alert) October 28, 2024
Cryptocurrency analyst Blockchain Bakker highlighted the growth of AMM-based trading, calling the increase in trading volume “explosive.” “#XRP AMM volume is exploding. Daily trading volume is 40x what it was a week ago.” This increased activity is attracting liquidity and creating new trading opportunities for participants. AMM’s role in creating new products is now attracting attention.
After the introduction of AMM, XRPL’s involvement in decentralized exchanges also increased. According to data from CryptoQuant, DEX trading volume increased by 17.6% over the past month as more users joined the platform. Additionally, we saw notable increases in various AMM-based activities, including a 62.35% increase in AMMDeposit trading volume and a 143.1% increase in AMMCreate transactions, both of which are contributing to XRPL’s growing appeal among traders. I am. AMMVote activity also spiked by 65.22%, highlighting the community’s active participation in governance.
What’s next for XRP?
These developments coincide with changes in XRP price. After briefly falling to $0.4935 on Friday, XRP managed to recover to $0.5144 on Saturday, but fell back below $0.50 soon after. Despite this volatility, some analysts believe that XRP’s recent price movements suggest an upside potential.
According to Random Crypto Pal, another popular crypto analyst at X, XRP’s recent price decline is consistent with a technical pattern. He described this as a “perfect retest of both trend lines” and suggested that this retracement could be a stepping stone to an upcoming bull market.
For context, recent XRP price movements include a peak of $0.6622 in September, marking the token’s highest level in recent months. However, prices subsequently fell due to the economic downturn in October.
However, with new activity in XRPL’s decentralized trading and liquidity mechanisms, some observers see this as the basis for new growth. Also, the development of projects like the RLUSD stablecoin by Ripple could further stimulate interest.
Also read: XRP rises from $0.48: Is $0.53 a breakout next?
