The XRP cryptocurrency saw significant gains this past week, fueled by renewed institutional interest. According to data from Santiment, XRP’s market value rose above $0.68 on Monday for the first time since August 2nd. Over the past week, XRP gained 23% against Bitcoin.
Additionally, wallets holding between 100,000 to 1 billion XRP have reached their highest levels so far in 2023.
From a technical analysis perspective, XRP is showing bullish signs. The relative strength index (RSI) is currently at 42, hitting neutral territory. The moving average convergence divergence (MACD) line is above the signal line, another bullish indicator. Of the top 20 cryptocurrencies by market capitalization, XRP was one of the biggest gainers last week, up 22%. Only Solana saw larger gains over 20%.
Driving much of this price increase seems to be growing institutional demand. According to crypto analyst BuyTheCryptoDip, an institution purchased another $1 billion worth of XRP on Monday morning.
This marks the 4th purchase over $500 million in the last 7 days before 8am EST. The theory is that institutions are buying in the mornings, allowing individual investors to sell throughout the day and take profits off small pumps. Institutions then buy back the sold XRP the following morning.
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One institution accumulating large amounts of XRP is Uphold. Per the analysis, Uphold now holds around 3.5% of the total XRP in circulation, equating to over $1.25 billion at current prices. With major financial players continuing to stockpile XRP, it seems institutional conviction in the asset remains strong. As these firms build out their positions, further upside for XRP seems likely in the near-term.
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