$2 Billion XRP Buy Sparks Market Frenzy Amid Crucial Resistance Test
A massive $2 billion XRP buy was recorded in just four days, sparking excitement among traders. This sudden influx of capital coincided with short sellers starting to back out, indicating a possible shift in market sentiment.
The buying spree, which saw large wallets purchase around 1.54 billion XRP worth approximately $2.2 billion, often precedes significant price movements. Meanwhile, a trader who had been shorting XRP on Hyperliquid started buying back 450,000 XRP, reducing their bet against the token by nearly half.
Fund managers, such as CoinShares and Franklin Templeton, continue to accumulate XRP despite recent price fluctuations. CoinShares now holds 148.66 million XRP, up from 129.75 million in December, while Franklin Templeton's clients purchased around $1.5 million worth of XRP.
Other developments include the delay of a leveraged ETF by Volatility Shares until October 18 and Ondo Finance launching its tokenized US Treasury fund directly on the XRP Ledger using Ripple's RLUSD stablecoin. Additionally, the Permission Delegation proposal, which would grant limited access to XRP accounts, gained 15 new 'yes' votes in the past 10 days and is now just three votes away from approval.
However, a crucial resistance zone between $1.49 and $1.54 looms ahead, having previously rejected XRP on multiple occasions. If XRP can break through this barrier, it may pave the way for further price increases. Conversely, another rejection could lead to sideways trading or even a decline in price.