Why did the price of Ripple rise today when whales are selling XRP en masse?

Why did the price of Ripple rise today when whales are selling XRP en masse?

XRP is the top performer among the bigger alts today.

Ripple’s native token has defied the overall market-wide sluggishness with an impressive 5% rise to an 11-day high of over $2.56.

This particular surge comes at a rather unexpected time, as whales have continued to sell off significant portions of their XRP holdings, selling an additional 70 million tokens in just two days, according to data from Ali Martinez.

Perhaps the most obvious reason for the current price increase is the fact that the company behind the token has officially made its largest purchase to date of Hidden Road, the prime broker that was acquired for $1.25 billion earlier this year.

Yesterday, the entity and its CEO announced that the lengthy process has been completed and that Hidden Road’s platform now operates under the name Ripple Price.

After the initial announcement went live in April, analysts rushed to share their thoughts on why they believe it would be a “game-changer” for XRP due to its integration into 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 at scale to institutional clients.”

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Another possible reason behind XRP’s impressive rise could be related to yesterday’s US CPI data. As reported, actual figures for September were lower than expected, which in theory should benefit risky assets such as some altcoins as the US Federal Reserve would now be more likely to cut rates.

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