XRP Whale Activity Hits All-Time High as Price Eyes $3: Details

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As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market fluctuations and trends. However, the recent surge in XRP prices and whale activity has caught my attention like never before. It reminds me of the Dot-com bubble days when small-cap stocks were skyrocketing based on hype rather than fundamentals.

Recently, the digital currency XRP, currently holding the third position among all cryptocurrencies based on market value, has experienced a significant surge, touching a nearly seven-year peak of approximately $2.90 – a level not seen since early January 2018.

A significant number of major investors, often called ‘whales’, are transferring XRP at a record pace, according to data from the cryptocurrency analysis platform CryptoQuant, indicating high levels of XRP whale activity.

According to a recent analysis by CryptoQuant, the activity of large investors (whales) in XRP has never been as significant as it is now. The analysis also points out that the level of whale activity in XRP has hit a new record high.

#XRP’s Whale Involvement Reaches Unprecedented Levels! This suggests that these influential investors, or ‘whales,’ have now recognized the worth of XRP as a valuable asset.” – By @theCryptofan

— CryptoQuant.com (@cryptoquant_com) December 2, 2024

As I pen this down, I find myself in a jubilant mood as XRP surged by an impressive 15.23% over the past 24 hours, reaching a high of $2.90 during today’s trading session and settling at $2.71. For six consecutive days now, starting from Nov. 27, I’ve been witnessing this crypto gem climbing upwards, leaving me optimistic about the prospect of it breaching the $3 price target next.

Over the past week, XRP has surged by an impressive 106%. In just the last month, this cryptocurrency has seen a staggering increase of 440%. It appears that significant investors, often referred to as ‘whales’, are significantly influencing XRP’s recent dramatic price hike.

As per Ki Young Ju, CEO of cryptoQuant, it appears that large-scale Coinbase investors (often referred to as “whales”) could potentially be driving the surge in XRP prices. This is because over the past 30 days, the price on Coinbase has shown a fluctuating premium of between 3% and 13% compared to its previous levels. In contrast, Upbit, a South Korean exchange with more XRP investors than Binance, has not shown any significant price premium during this period.

XRP whales accumulating 

Over the past three weeks, entities holding between one million and ten million XRP have amassed approximately 679.1 million tokens, valued at around $1.66 billion. Notably, this is a new record as the total count of active XRP wallets has exceeded 5.5 million for the first time in the coin’s eight-year history.

Over the weekend, it was brought up by Ali, a cryptocurrency expert, that substantial XRP investors (or ‘whales’) purchased approximately 160 million XRP, which equates to roughly $380 million in value.

In a recent tweet, Santiment stated that network growth is robust across multiple altcoins, including the XRP Ledger. On Sunday alone, XRP received 22,357 new wallets.

The effect might be in the short term, and prices may be volatile due to increased retail engagement. However, it is a promising sign in the long term to see rising levels of utility on any asset’s blockchain.

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2024-12-03 17:08