Whales Add 130 Mln XRP; Price Surge Ahead?

    XRP News: Ripple’s developer team has managed to pump up the crypto whales’ sentiments toward the XRP token. RippleX team has successfully enabled automated market maker (AMM) Devnet. It has invited developers to test the AMM to build innovative applications.

    RippleX adds utility for XRP

    Ripplex team proposed a technical specification to build a protocol native AMM which will be integrated with the XRP ledger. This extension is aimed at extra exchange utility and functionality to the XRPL holders.

    As per the release, Dev will be able to link their apps directly with AMM. This will help them to power interaction with the trading interface, tokens and more features.

    However, this news has led the crypto whales to accumulate more XRP tokens. According to Whale Alert data, whales have added more than 129 million XRP tokens (approx worth $53.1 million) in multiple transactions.

    Data depicts that $21.8 million worth of XRP tokens were accumulated from the Bitstamp crypto exchange.

    Will its price jump by 25%?

    XRP is trading at an average price of $0.4, at the press time. Ripple’s native token price is up by 7% over the past 7 days amid the fear spread in the crypto market due to the FTX crash.

    Michaël van de Poppe, a crypto analyst has suggested a possible price jump in XRP. He highlighted that the XRP is awaiting a price surge of more than 25% ahead. He added that most of the crypto market charts look similar. However, XRP’s chart hints at a bigger move.

    Meanwhile, XRP price might see a breakdown ahead as around $900 million XRP tokens have been unlocked from escrow wallets in multiple transactions. However, XRP’s circulating supply stands at 50.2 billion at the moment.

    Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

    The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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