XRP Whale Surge Fuels Optimism as Analyst Warns of Potential Further Decline

A recent surge in large XRP wallets has some experts optimistic about the future of the cryptocurrency. Data from analytics platform Santiment reveals that 85 new wallets holding at least $1 million worth of XRP appeared just two days before the coin jumped 67% in price between August 17 and August 21.

This sudden increase in large XRP holders suggests that these investors were buying more of the cryptocurrency before its price surge. As a result, they reduced the amount available for trading and increased buying pressure.

Santiment also highlighted growing activity on the XRP Ledger (XRPL) as another positive development for XRP. The platform pointed to Ripple's support for an RLUSD credit fund that lends to fintech and payment companies using XRPL, as well as investments in ZILO and Licuido, which are adding tokenization, asset transfers, and other financial services to the network.

However, not everyone is convinced that XRP will continue its upward trend. Crypto analyst Casi warns that XRP has fallen below a key Fibonacci level, making it necessary for the coin to move back above $1.65 in order to regain strength. If XRP's price decline continues, Casi expects the support level around $1.10 to become relevant.