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XRP is gaining prominence in the cryptocurrency market, propelled by a substantial purchasing surge from major investors referred to as whales.
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Within a single week, these whales have amassed over $526 million in XRP, representing the most significant accumulation in nearly three years. The increase in purchasing activity follows XRP’s price surpassing the $1 threshold for the first time since 2021, igniting increased interest and hope among investors.
Whale Activity Indicates Assurance
About 453 million XRP tokens, or a sizable portion of the asset’s circulating supply, are recent whale acquisitions. Crypto experts claim that this degree of hoarding usually indicates strong belief in XRP’s future performance. These big players reduce the supply on exchanges as they acquire tokens, and as a result raising demand and price.
Notably, while large institutional buyers are buying a lot, smaller individual traders seem to be selling off their holdings. It is said that funds with less than 1 million XRP sold a total of 75.7 million shares during the time period in question. There is a clear shift in how the market feels: big buyers are betting on XRP’s rise, but small traders are more cautious.
🥳📈 XRP has now broken a 3-year high, reaching $1.2679 on Binance for the first time since November 11, 2021. This rally has come on the backs of key whale & shark wallets that hold between 1M-100M tokens. This group has collectively accumulated 453.3M more tokens (worth… pic.twitter.com/8F0IjXs7A5
— Santiment (@santimentfeed) November 16, 2024
Historical Trends Indicate Potential Gains
Historically, significant whale accumulation has preceded substantial price fluctuations for XRP. Analysts reference historical occurrences when such configurations resulted in substantial gains—occasionally above 1,300%.
#XRP Channel B – Monthly Time Frame (Update):
In the past, when #XRP broke out of Channel A and Channel C, it pumped by 1,307% and 1,341%! 🔥
Now, #XRP is fighting at the edge of Channel B, trying to flip it into support. If history repeats, we could see a pump of 1,324%.
— EGRAG CRYPTO (@egragcrypto) November 20, 2024
Currently reaching critical support levels—an analyst refers to as “Channel B”—in his chart, XRP is causing great concern since a breach of this resistance might cause a notable price rise. Market watchers say XRP might aim for a price range of $13 to $15 in the near future should this trend continue. This projection depends on past performance as well as contemporary technical signals showing a favorable coin situation.
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Wider Market Context
The current increase in XRP’s price corresponds with overall favorable developments in the cryptocurrency sector. Elements include the prospective authorization of an XRP Exchange-Traded Fund (ETF) and conjecture on regulatory changes have fostered a surge of optimism. The latest political developments in the US, especially indications of changes within the SEC, have intensified enthusiasm among XRP fans.
XRP’s market capitalization has dramatically increased, elevating its position in the cryptocurrency rankings. Analysts anticipate that if prevailing patterns persist, XRP may experience even more significant increases in the forthcoming months.
With whales spearheading the initiative and historical data supporting their actions, numerous observers are closely monitoring the potential ascent of this digital asset.
Featured image from DALL-E, chart from TradingView