An analysis has emerged suggesting that the Ripple (XRP) market may be reaching an inflection point as it enters a new phase.

As of the 28th (local time), Ripple is trading at $1.32, down approximately 1% from the previous day. According to recently released on-chain data, the spread between whales (large investors) and retail investors observed on the global exchange Binance has dropped to 88.3%. This is the lowest level recorded in about two years.

Until now, the prevailing assessment was that the influence of large investors was absolute in the price formation process of XRP. However, the recent figures are interpreted as a signal that the balance of power in the market is slowly shifting as retail investor participation increases. Some analysts assess that a transition may be underway from the traditional 'whale-centric market' to a 'participant-diversified market,' noting that if the investor base diversifies, the price formation method could also change.

The global macroeconomic environment is also acting as a crucial variable for the XRP market. As the recent military tensions between the United States and Iran transition toward a ceasefire, the risk-averse sentiment in the international financial markets is showing signs of easing. Although concerns over war have not been completely alleviated, forecasts suggest that if the likelihood of further conflict decreases, the global liquidity environment could improve. The cryptocurrency market is also evaluated as potentially benefiting from the positive impact of these macroeconomic trends.

However, for XRP to shift into a full-fledged bull market, essential conditions such as an increase in trading volume and an influx of new capital must be met. It should be noted that the current on-chain changes merely indicate positive potential and are not definitive indicators of an outcome.

[※ This article was written for the purpose of providing investment information, and the investment decision and responsibility lie solely with the investor. Artificial intelligence (AI) was utilized in the process of writing this article.]