As a seasoned crypto investor who’s weathered numerous market cycles and witnessed the rise and fall of countless digital assets, I can confidently say that the recent surge in XRP has piqued my interest. Having closely followed XRP since its early days, I’ve seen my fair share of ups and downs with this coin. However, the current rally, fueled by significant accumulation from whales and sharks, seems to suggest a change in sentiment among large investors.
Over the past week, XRP has experienced a remarkable surge, soaring by more than 40%. It reached an impressive peak of $0.847 on Thursday, marking its highest point in four months.
The spike in XRP occurs concurrently with substantial actions from prominent XRP investors. Wallets holding at least one million XRP, commonly known as whale and shark wallets, now collectively possess approximately 45.61 billion tokens, marking the highest level of accumulation since June 2018. This increase in holdings is significant, as these large wallets have added an additional 3.44 billion XRP, representing an 8.16% growth in their assets over the past two years, according to Santiment.
🐳 Currently, wallets containing at least 1 million XRP are holding a record high of 45.61 billion tokens, a level not seen since June 2018. Over the past two years, both whales and sharks have increased their holdings by approximately 3.44 billion XRP, representing an increase of 8.16%. In the last week alone, traders have experienced a return of over 40% on their XRP investments.
— Santiment (@santimentfeed) November 14, 2024
It appears that growing confidence among major investors in XRP’s long-term worth is indicated by this trend. The surge in activity aligns with the ongoing bullish rally, delivering substantial gains to investor portfolios. Over a seven-day period, the market has registered a 40% rise in XRP, pushing its price beyond $0.82 and sustaining an optimistic momentum.
Gensler out?
The reasons for the XRP rally are also happening as market participants speculate whether there might be changes at the U.S. Securities and Exchange Commission (SEC). There are rumors that current chairman Gary Gensler might step down, which could shake up the regulatory landscape for cryptocurrency markets.
The Ripple token’s journey has been marked by several significant legal disputes, and its destiny seems closely linked to the outcomes of the ongoing legal and regulatory proceedings.
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2024-11-15 13:03