XRP price has experienced a notable surge, climbing over 4% in the last 24 hours. This upward movement suggests a resurgence of investor confidence in the asset, with market participants increasing their investments.
This recent recovery is occurring even as larger investors, often referred to as whales, have shown a waning appetite for risk. On-chain data previously indicated that Ripple whales had been actively selling off their holdings as the XRP price dipped below $2.3 earlier in the week. However, the current price exceeding $2.5 appears to have positively influenced market sentiment, leading investors to closely monitor the cryptocurrency's future trajectory.
Further fueling discussions about XRP's potential, Ripple CEO Brad Garlinghouse recently shared a social media post highlighting the company's advancements and the integral role of XRP within the firm.
XRP Price Movement and Market Reaction
XRP's price has seen a significant increase, adding nearly 4% to trade at $2.54 at the time of writing. The trading volume from the previous day also saw a substantial rise, jumping 36% to $4.65 billion. This heightened trading activity and current surge indicate active participation and investment from market players.
In the past 24 hours, XRP reached a weekly high of $2.54, with a low of $2.4 recorded on the one-day chart. The recent surge has allowed the cryptocurrency to deliver an 8% return over the past week. Despite this positive short-term performance, the monthly chart still reflects a loss of approximately 10% due to earlier significant selloffs.
Notably, XRP has been among the top gainers in the cryptocurrency market. The recent rally suggests that investors are moving past concerns related to the selloff by Ripple whales. On-chain analyst Ali Martinez reported that XRP whales had offloaded 70 million coins over the preceding two days, a move that may have initially spooked traders and contributed to selling pressure.
Despite these selloff concerns, the current positive market trends, coupled with statements from Ripple CEO Brad Garlinghouse, appear to be bolstering investor confidence in the asset.
Ripple CEO Emphasizes XRP's Role Amidst Company Growth
The recent uptick in XRP's price and positive price predictions can be linked to a series of optimistic developments within Ripple. Ripple CEO Brad Garlinghouse recently drew attention to the company's latest acquisition, Hidden Road, which has been rebranded as Ripple Prime. This strategic acquisition positions Ripple as the first crypto company to offer a global, multi-asset prime brokerage service, facilitating larger-scale access to digital assets for institutional clients.
Garlinghouse lauded the significance of this acquisition, noting it as one of five major acquisitions Ripple has completed in the past two years. He reiterated that XRP is central to Ripple's operations, suggesting that these advancements could positively impact the cryptocurrency.
As Ripple continues to develop solutions aimed at creating an "Internet of Value," investors may see these initiatives as an opportunity for potential upside in XRP's price.
Outlook for XRP Price Recovery
Amidst the current price surge, XRP price predictions and bullish technical indicators have captured the attention of traders. Ali Martinez previously indicated that XRP was flashing a buy signal, suggesting an impending recovery for the cryptocurrency.
Earlier analyses suggested that XRP needed to surpass the $2.75 mark to sustain its rally. More recently, analyst Milkybull Crypto has presented a more ambitious XRP price prediction, further boosting investor optimism. In an X post, the analyst stated that the Ripple coin is preparing for its "final expansion phase this cycle." Based on historical trends, the analyst anticipates the cryptocurrency could reach at least $7 within this cycle.
Furthermore, if bullish momentum continues, XRP could potentially extend its gains to $11 or even $15.