As a seasoned researcher with a background in blockchain technology and digital currencies, I have closely monitored XRP‘s price movements and market trends for years. The recent data on XRP whale accumulation has piqued my interest, as these investors are known to possess substantial influence over the crypto token’s price.
XRP’s large-scale investors, referred to as whales, have apparently regained their trust in the XRP token. Recent market data indicates that these major investors have been purchasing more XRP, signaling a trend of accumulation. This development is noteworthy because XRP is approaching the $1 price mark and the influence of these whale investors could potentially trigger such a price surge.
XRP Whales Buy 140 Million Tokens
Recent data from on-chain analytics platform Santiment, as presented by crypto analyst Ali Martinez, reveals that XRP whales purchased approximately 140 million XRP, equivalent to around $84 million, within the last week. This transaction underscores the conviction of these investors in XRP’s potential price surge, suggesting a growing optimism that this cryptocurrency may soon experience a significant rally after a prolonged period of consolidation spanning over six years.
The surge in XRP hoarded by large-scale investors, specifically whales and sharks with significant holdings of over 100,000 tokens, is another significant factor fueling the current rally. Santiment reports that this group currently holds a record-breaking 51 billion XRP tokens, an all-time high (ATH) for their collective ownership. This substantial influence could potentially drive XRP’s price to new heights.
Alongside the substantial build-up of whales, there’s compelling evidence pointing to a bullish trend for XRP based on the activity occurring on the XRP ledger (XRPL). According to Santiment, the XRPL is experiencing a marked rise in the number of new addresses and total addresses engaging on the network. These metrics currently stand at their peak levels since March.
On July 18, data from Santiment indicates the formation of 1,721 new XRP wallets and engagement of 47,363 distinct addresses within the network. This trend is considered optimistic as it signals growing interest among retail investors in the XRP community, potentially driving up prices for the crypto token. Additionally, XRP’s technical analysis points to an impending price surge.
Looking From A Technical Perspective
As a researcher studying the cryptocurrency market, I’ve come across Mikybull Crypto’s analysis of XRP‘s chart. He believes that XRP is on the verge of breaking out of a six-year consolidation triangle. According to him, this breakout will likely trigger a “long-lasting and substantial rally” for the crypto token.
Expert note: Crypto expert Alex Clay posits that XRP is presently shattering the boundaries of a multi-year symmetrical triangle formation, which has confined its price action. According to his forecast, the digital token’s price could potentially climb up to $3 in the distant future following this significant breach.
As a crypto investor, I’m keeping a close eye on XRP‘s Relative Strength Index (RSI) as it presents an optimistic view for the crypto token. According to crypto analyst Nico, the current RSI level of around 44.31 is “looking quite promising.” If XRP manages to sustain this momentum, Nico predicts that it could experience a significant price surge, potentially reaching new heights.
Currently, XRP is priced approximately at $0.60 during my writing process, representing a nearly 1% decrease over the past 24 hours based on information from CoinMarketCap.
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2024-07-24 20:42