- •XRP price sees a 5% gain, driven by whale purchases of 250 million tokens and rising trading volume.
- •VivoPower raised $19 million for expanding its XRP treasury, reinforcing institutional interest in the token.
- •XRP remains above key moving averages, with $3 resistance in focus as technical indicators suggest bullish momentum.
XRP is showing significant market momentum, trading at $2.98, up 5% in the past 24 hours. The price surge comes after a notable increase in trading volume, which has spiked nearly 30%. XRP has gained 4.8% over the past week and 6% in the last month, but it remains 18% below its all-time high reached in mid-July. This price action coincides with an influx of whale purchases and news of institutional investment into XRP’s future.
In a recent development, whales have shown their confidence in XRP by acquiring 250 million tokens, worth a staggering $742.5 million. The significant buying activity over the past 48 hours has provided much-needed support for XRP's price and helped alleviate short-term selling pressure.
Analyst Ali Martinez noted that such purchases could indicate that whales are preparing for further price growth. This influx of whale interest follows VivoPower's announcement of plans to expand its XRP treasury with a $19 million raise.
VivoPower’s $19 Million Raise to Fund XRP Expansion
VivoPower International, a Nasdaq-listed company, raised $19 million in a recent equity offering priced at $6.05 per share. The company intends to use the funds to support its operations, retire debt, and purchase XRP tokens for its growing treasury. This move comes after a similar $121 million fundraising effort in May, which enabled VivoPower to launch its digital asset strategy with backing from Saudi Prince Abdulaziz bin Turki bin Talal Al Saud. The company's focus on XRP further highlights institutional interest in the token.
Technical analysis suggests that XRP is on a bullish path, currently holding above key moving averages. XRP is trading above the 10-, 20-, 30-, 50-, 100-, and 200-day moving averages, all of which are signaling a buy. The next resistance level to watch for is $3.14, while the support levels are seen at $2.93 (20-day SMA) and $2.73 (lower Bollinger Band). If XRP can break through the $3.14 barrier, it may set its sights on a price range of $3.40 to $3.50.
Increased Market Participation Ahead of ETF Decisions
XRP’s momentum also coincides with increased interest in XRP derivatives, which have seen a 43.16% rise in volume to $7.32 billion. Additionally, open interest in XRP has climbed 8.29% to $8.01 billion, signaling growing participation from traders. This uptick in derivatives activity aligns with expectations surrounding the upcoming decisions on spot XRP exchange-traded funds (ETFs).
The first decision on Grayscale’s ETF application is set for October 18, with other firms such as Canary Capital and WisdomTree to follow. A positive decision could further fuel demand for XRP across exchanges.