Ripple
September 21, 2024
Ripple Unicorn News - September 21, 2024
Recent major purchases of XRP by crypto whales, totaling $228 million, have led to an 18% price surge. This increase is linked to the launch of the Grayscale XRP Trust, attracting significant institutional interest.
() Introduction
() Major XRP Purchases by Crypto Whales Drive 18% Price Surge
On September 21, 2024, there has been a significant increase in the acquisition of XRP by large-scale investors, with recent purchases amounting to $228 million. This surge is primarily linked to the launch of the Grayscale XRP Trust, which has attracted considerable interest from institutional investors. Despite these substantial acquisitions, XRP's price has struggled to exceed the $0.60 mark. From September 6 to September 14, 2024, XRP's price rose by 18.32%, yet it still lags behind other major cryptocurrencies that have experienced more substantial gains following a 0.5% interest rate cut by the U.S. Federal Reserve. The launch of the Grayscale XRP Trust has significantly boosted investor confidence, with its net asset value increasing by over 11%, indicating strong market approval and potentially paving the way for improved performance in the future.
