Ripple’s native token XRP reached a weekly high of $0.37 after the CPI data-induced rally on Friday. Inflation in the U.S. dropped to 6.5% in December from 7.1% in November 2022. XRP is now looking to break through its resistance levels of $0.37 head to $0.39.
Also Read: When Will XRP Reach Its All-Time High of $3.40?
Whale Activity Into XRP Increases
XRP is among the top list of gainers this week as whale activity for the token witnessed a sharp increase.
Since December 2022, several whales have transferred XRP tokens to unknown and private wallet addresses. Last month alone, over 1 billion XRP tokens were moved by whales from leading crypto exchanges Coinbase and Binance. You can read more details about the 1 billion tokens transfer worth $370 million here.
Also, over the past week, two different whales moved 109 million tokens worth $30.2 million to private wallet addresses. One whale moved the tokens from a Bitstamp address worth $15 million on Thursday. Read here to know more details about the whale transactions.
Also Read: 3 Cryptos to Watch Out for After CPI Data Rally
The rich list is moving Ripple’s native token in record numbers for the last 30 days. The development has kept its price on the positive side in January slowly reaching new weekly highs.
In addition, XRP investment products saw nearly $3 million in institutional inflows during the first week of 2023. The inflow of funds into the asset comes at a time when leading cryptos experienced outflows during the start of the week. According to Santiment, XRP boasts about 136,190 daily active user addresses with an increase of social dominance at 1.15%.