The cryptocurrency market is currently in a recovery phase. The majority of the major tokens are bullish by a significant margin. This is the first streak of bullish price action since the FTX scandal in November.
XRP, the native token of Ripple, is not left behind in this respect. According to CoinMarketCap, the token rose 7% over the past seven days.
Data from Whale Alert, a blockchain tracker, shows that some whales have accumulated about 900 million XRP tokens in anticipation of bullish sentiment. Also, 24 million XRP was transferred from an unknown wallet to Binance. Technical analysts also confirm that traders are buying the dip in anticipation of a possible bull run. These activities have caused the token price to be bullish.
Crypto trader Michael van de Poppe believes XRP charts differ from other cryptocurrencies and that a surge is imminent despite the overall bearish market.
This week, RippleX, the development program for Ripple, launched a native Automated Market Maker (AMM), enabling decentralized finance on the network. This development increases the utility of the XRP token.
At press time, XRP was trading at $0.3896, with a market capitalization of $20 billion. In the last 24 hours, the token has dropped by 2.85%.
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