Ripple has made a surprise comeback over the last 23 hours, with the token reaching the $0.52 mark as whales have collectively grabbed $55 million worth of XRP. Indeed, data from Santiment shows that the whales have acquired 110 million XRP over the last two weeks to fuel the comeback that is taking place today.
Over the last 24 hours, the asset has settled above $0.51, according to CoinMarketCap. Moreover, it is approaching a rather critical point as it attempts to return to its monthly high of $0.56 in early May. Still, the asset has increased 5% over the last month, with cautious optimism regarding its potential price movement.
Also Read: Ripple XRP Analysis: How High Will XRP Go By the End Of 2024?
Ripple XRP Looking to Continue Comeback Amid Whale Activity
Entering 2024, Ripple (XRP) was on a short list of assets, of which investors had immense hope. With its US Securities and Exchange Commission (SEC) lawsuit trending toward a resolution, there was potential for it to surge. Five months into the year, and that has yet to be a reality.
The asset has mostly maintained its positive value below $0.50, with the market unsure of when a rally could arrive. That did change over the last day, as Ripple surged to the $052 level, and whales accumulated a remarkable $55 million worth of XRP. Indeed, over a 14-day span, these large-scale holders had added more than 110 million tokens to their holdings.
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Although that is notable, it has not sustained a rally to his point. The asset may be firmly above $0.51, but there are questions surrounding its ability to hold steady there. That is mostly informed by its inability to build momentum this far into the year.
However, one area of interest is the increasing trading volume. Over the last 24 hours, that metric has surged more than 7%. Moreover, it has aligned with the overarching comeback that XRP has enjoyed over the last day.
XPR has not been able to reach the heights it hit earlier this month. Yet, it is now showing some much-needed signs of life. Furthermore, it may have given enough credence to the idea that a post-SEC lawsuit market could see XRP skyrocket in value.
