The latest gains point to a possible uptrend in the coming days.
In a possible indication of crypto whales’ influence, the price of XRP – the native cryptocurrency of Ripple – experienced a major spike on Friday, August 26. Hours after three major transfers totaling $51 million were carried out on its network, the price of XRP rose by 6% to $0.37, a two-week high.
While the possibility of crypto whales cannot be ruled out, the latest gains are also assumed to be the consequence of a broader upward trend that began after Ripple revealed its flagship event, “Ripple Swell Global,” which will take place in London later this year. At the time of writing, XRP is trading at $0.3358 and ranks as the 7th largest cryptocurrency with a market cap of $16.63 billion.