XRP Spikes 5% As Whales Scoop Up $740 Million Worth Of Crypto: Open Interest, Trading Volume Also Jump

XRP XRP/USD gained momentum on Wednesday amid a broader cryptocurrency market rally.

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XRP Wipes Away Losses

The third-largest cryptocurrency by market capitalization popped over 5% in the last 24 hours, while its trading volume jumped 36.65% to $6.63 billion.

The latest spike erased recent downsides, sending XRP 2.53% higher over the course of a week.

Meanwhile, XRP's open interest spiked 6.73% to $7.93 billion in the last 24 hours, according to Coinglass. More than three in four Binance traders with open XRP positions were long as of this writing.

Bullish Impact From Whales?

Large investors amped up their accumulation game. Widely followed cryptocurrency analyst Ali Martinez highlighted that whales bought 250 million XRPs, worth $742.50 million, over the last 48 hours.

Price Action: At the time of writing, XRP was exchanging hands at $2.97, up 5.50% in the last 24 hours, according to data from Benzinga Pro.

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