XRP jumped to $1.30 on Aug. 20, its first visit to that level in months, as Bitcoin's rally lifted the broader market. On-chain data points to large holders, not retail traders, as the main force behind the move, while spot XRP ETF inflows remain probably too modest to be the main driver.
XRP rocketed to $1.30 for the first time in months, gaining 30% from its recent low, reversing a slide that had traders bracing for a drop toward $1.00. Days earlier, analysts had outlined downside targets ranging from $0.90 to $0.60 if that support gave way. Bitcoin's own surge changed the picture, pulling the rest of the market higher with it.
Large holders are behind the rebound. Whales accumulated more than 300 million XRP tokens in 96 hours, a buying spree that helped push the price to $1.30. That followed an earlier move in which whales had picked up 72 million coins in a single day at the end of last week.
Data shared by market observer Vincent Van Code shows 53% of sizeable buy orders came from large players, with medium-sized traders accounting for 35% and small investors just 12%. Van Code said the split shows retail isn't behind the move: According to Vincent Van Code: "retail is not the driving force of this rally. This is great news."
Spot XRP ETFs posted inflows for three consecutive days, but the totals remain well below levels seen in November and December, so they are probably not the main driver of the recovery.
Source: CryptoPotato
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