XRP Price Jumps 26% on Whale Accumulation & Short Squeeze
Main Idea
XRP's price surged 26% due to significant whale accumulation and a short squeeze, with broader market trends and ETF speculation also contributing to the rally.
Key Points
1. The number of wallets holding over 1 million XRP reached a record 2,743, controlling 47.3 billion XRP, indicating strong institutional accumulation.
2. A short squeeze contributed to the price surge, with $31.4 million in XRP short positions being liquidated.
3. The broader cryptocurrency market is experiencing growth, with Bitcoin and Ethereum also seeing significant gains, which may be benefiting XRP.
4. Speculation about a potential XRP spot ETF is adding to the positive sentiment around the cryptocurrency.
5. The market is showing signs of a potential 'altcoin season,' with traders rotating profits from Bitcoin into major altcoins like XRP.
Description
On-chain data reveals a significant driver behind XRP’s current rally: an unprecedented level of accumulation by “whales.” The number of wallets holding over 1 million XRP has reportedly reached a record 2,743, collectively controlling an astounding 47.3 billion XRP. Analysts view this deep conviction among top-tier holders as a highly positive signal, indicating strong institutional … Continue reading "XRP Price Jumps 26% on Whale Accumulation & Short Squeeze" The post XRP Price Jumps 26% on Wh...
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