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Data from XRP network activity has excited the community as it has seen an explosion in large transactions. According to For Ali Martinez, an on-chain analyst at X, there has been a spike in transactions worth more than $1 million on the network.
XRP whale activity signals confidence
It is worth noting that these transactions, worth up to $1 million, belong to major holders or whales. That is, market participants who hold a large volume of XRP tokens. This is an important indicator of the activities occurring in XRP Ecosystem. This indicates that users of the XRP network are transferring significant value.
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Martinez stressed that within 24 hours, Santiment monitored 341 transactions worth more than $1 million. This increase in usage could indicate growing trust in the XRP network, especially for these whales.
As of this writing, the price of XRP change The stock price reached $2.83, an increase of 9.14% in the last 24 hours. Trading volume also recorded an increase of 38.22%, reaching $13.52 billion.
With this current market price, putting the network transactions into perspective shows that a massive amount of XRP has passed through the network.
Each of the $1 million transactions involves approximately 353,356 XRP. Thus, the cumulative volume of the 341 transactions alone amounts to at least 120.4 million XRP in 24 hours.
XRP Forecast
This massive volume is in addition to those made by retail investors which included purchases of less than $1 million in the time frame under review.
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XRP has been riding bullish sentiment and has reached a one-month high amid speculation this is happening XRP exchange-traded fund. This has pushed the price towards the $3 resistance level, where the symbol is trading between a low of $2.55 and a high of $2.89.
Investors are watching with interest whether this bullish sentiment and other market dynamics can support XRP in surpassing the key level Resistance levels It flipped its all-time high (ATH) at $3.84. XRP reached this ATH number in January 2018.
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