XRP Peaks in Whale Utility, Price Consolidates for Next Step

From Whale Statistics data, the usefulness of XRP to whales has increased as XRP has been one of the most widely used smart contracts among the 1,000 largest BSC whales in the past 24 hours. Simply defined, a whale is someone who owns a piece of cryptocurrencies or is otherwise a large holder.

XRP is currently trading at $0.834, up 1.60% in the past 24 hours and 6.02% in the past week. The recent spike in XRP utilities among whales comes after Multichain announced the XRPL integration.

Multichain has announced that it will support XRP Ledger (XRPL) for cross-chain connection to EVM and non-EVM compliant blockchains. Hundreds of thousands of DeFi users will be able to seamlessly move assets between XRP Ledger and other blockchains thanks to integration with XRP Ledger.

With the technical assistance of Ripple, Multichain will facilitate the cross-chain transfer of XRP, the native digital asset of XRP Ledger. In addition, ETH, MATIC, AVAX, FTM, USDT, USDC, FRAX and other assets will be transferred directly to XRP Ledger.

Over the past year, Ripple has made strides in the availability of its ODL service. On time, the company launched its first-in-market ODL corridor in Japan, in partnership with SBI Remit, and acquired a 40% stake in Tranglo in Malaysia to expand the availability of its ODL service.

After a successful launch Tranglo is now expanding its ODL reach across 25 corridors, allowing providers to process cross-border payments in real time, without pre-financing.

XRP price action

XRP price seems poised for the next move as it consolidates around the USD 0.83 level. The appearance of a double doji on the daily chart could indicate a major price reversal. The doji is a temporary candlestick formation, signifying equality or indecision between bulls and bears.

XRP/USD daily chart, source: Trading Display

A decisive move above $0.91 confirms a rebound in buyers and propels XRP to $1. Rather, significant support is near $0.77 as the bulls retreat.

In recent updates to the Ripple case, the U.S. Securities and Exchange Commission filed a new motion asking the court for permission to redact some notes of its meetings with third parties. The plaintiff argues that the notes are protected by deliberative process privilege (DPP), a common law principle that shields internal information from agencies.

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