Why Is Ripple’s Price Up Today if Whales Are Selling XRP En Masse?
Ripple’s native token has defied the overall market-wide sluggishness with an impressive 5% increase to an 11-day high of over $2.56.
This particular surge comes in a rather unexpected moment since whales have continued to sell off significant portions of their XRP holdings, disposing of another 70 million tokens in just two days, according to data from Ali Martinez.
Perhaps the most evident reason for today’s price pump is the fact that the company behind the token made official its largest purchase to date of Hidden Road, the prime broker that was acquired earlier this year for $1.25 billion.
Yesterday, the entity and its CEO announced that the lengthy process has been completed and Hidden Road’s platform now operates under the name Ripple Price.
After the initial announcement went live in April, analysts rushed to offer their opinion on why they believe it would be a “game-changer” for XRP due to its incorporation in Ripple Prime.
The company said it has now become the first crypto entity to “own and operate a global, multi-asset prime broker – bringing the promise of digital assets to institutional customers at scale.”
Another possible reason behind XRP’s impressive increase could be related to the US CPI data from yesterday. As reported, the actual numbers for September were lower than expected, which should, in theory, benefit risk-on assets such as some altcoins as the US Federal Reserve would be more inclined to lower the interest rates now.
The post Why Is Ripple’s Price Up Today if Whales Are Selling XRP En Masse? appeared first on CryptoPotato.
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