Ripple (XRP) Price Prediction: Will XRPs Value Continue to Rise?

Ripple [XRP] has been one of the top gainers of the last few days after its price hit $0.60. This price increase was a 36.45% jump within the previous seven days.

After hitting the $0.60 mark, XRP has seen impressive gains, rising by 36.45% in the past seven days. But what’s driving this hike?

According to on-chain data provider Santiment, a key factor is a massive climb in the holdings of addresses that own over 100,000 XRP.

This group of investors, known as whales and sharks, have a significant influence on prices. In simple terms, if the assets held by this cohort drop, the price of a token would most likely tumble.

Therefore, the increase in accumulation created buying pressure for XRP, and was responsible for the hike.

The rise also reveals that these sharks and whales now own 85% of the total supply, marking the highest point in 11 months.

Should we see a scenario where whale holdings continue to jump, the value of the token might revisit $0.63 or possibly trade higher.

Another reason the token could hit this price is the imminent launch of the cryptocurrency’s reference rates and real-time indices on the 29th of July.

However, it is important to mention that these indices are not tradable futures products. Instead, they provide clear pricing data for the assets involved.

Meanwhile, in the crypto derivatives market, XRP’s Open Interest (OI) had hit $233.85 million. This was the highest value the OI has reached since the 12th of April.

OI refers to the total value of open contracts in the market. When it increases, it means speculative activity around a token has jumped, and liquidity allocated to contracts is rising.

But if it decreases, it implies otherwise. From a price perspective, the rise in OI, if sustained, could further back XRP’s price increase. If this is the case, the value of the crypto can reach $0.63 as mentioned earlier.

In addition to this, there has been a notable spike in the 90-day MDIA, This acronym stands for Mean Dollar Invested Age.

As the name implies, the metric is the average dollar invested into the market cap of a cryptocurrency.

In previous bull markets, a rising line in the MDIA means whales are moving idle coins back into circulation. Should this continue, XRP’s chances of a higher price increase.

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