2024-12-08 17:00:55 by NewsBTC

In the last week, the price of XRP increased by 35% as the general crypto market maintains a stellar performance stretching over the last two months. Interestingly, recent developments in the XRP market indicate a sustained bullish outlook for the prominent altcoin. Whales Accumulate $288 Million XRP As Price Slides To $2.22 In an X post on December 7, renowned crypto expert Ali Martinez shared that XRP whales had embarked on an accumulation spree amidst a recent price dip.  Notably, XRP has been one of the best-performing cryptocurrencies in Q4 2024 rising by over 350% since the US elections. However, the altcoin recorded a significant 23% decline in the past week, falling from $2.90 to $2.22 between December 3-December 6. During this period, Martinez noted that whales i.e. wallets holding between 1 million – 10 million  XRP,  acquired over 120 million XRP, valued at $288 million, as they increased their market holdings to $4.7 billion. Source: ali_charts on XGenerally, such large purchases by market whales are indicative of confidence in an asset’s long-term profitability and are common bullish signals. Rightly so, XRP has experienced an 18% price gain rising to $2.60 in the 48 hours following this bullish whale activity.  In regards to how high XRP can go, Ali Martinez has set a projected target of $4.34 which may be a good price zone for traders to take profit. However, any unexpected price decline could force the altcoin to return to around $2.23 which Martinez describes as a “key area of support”. XRPL Active On-Chain Addresses Surpass 100,000 In other news, the number of on-chain active addresses on the XRP Ledger (XRPL) has recently recorded a significant increase.  According to CryptoQuant analyst Wenry, exchange transfers dominated the transaction volume on the XRPL up until Q3 2024.  However, on-chain XRP transactions have now overtaken exchange inflows as the number of active addresses rose rapidly in recent months reaching a yearly high of 100,000 on December 2. This development can be attributed to several factors including improvement on XRPL’s DeFi infrastructure which has created a better working environment that attracts top decentralized protocols similar to Uniswap, Maker, etc.  In addition, there has been significant progress in the development of layer 2 solutions for the XRPL to improve scalability, interoperability, and functionality. Notable projects on this front include The Root Network, XRPL Ethereum Virtual Machin,e and XRPL Hooks. At the time of writing, XRP trades at $2.57 after a 3.94% gain in the past day. Meanwhile, the token’s daily trading volume is down by 13.70% and valued at $12.03 billion.  The altcoin now ranks as the third largest cryptocurrency with a market cap of $147.98 billion. XRP trading at $2.57 on the daily chart | Source: XRPUSDT chart on Tradingview.comFeatured image from Bloomberg, chart from Tradingview Semilore Faleti Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency. Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems. In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others. In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies. Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends. Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination. He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society. In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come. His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry. Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future. Disclaimer: The information found on NewsBTC is for educational purposes only. 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