XRP Whales On A Buying Spree: Wallets Holding 1M+ Tokens Reaches Historic Accumulation Level | Bitcoinist.com
There has been a significant increase in investor interest in XRP, fueled by a rising positive outlook in the market. This is evident from the substantial accumulation of digital assets by whales, or major investors, showing a strong belief in the altcoin's future potential.
Major Investors Reach Record Holdings
XRP whales are in the spotlight, with the number of wallets holding at least 1 million tokens reaching levels not seen in over four years. This indicates a change in the sentiment of large investors and a growing acceptance of this cryptocurrency. Santiment, a top market analysis and on-chain data platform, highlighted this positive trend in accumulation in a recent post on X.
Information from the platform indicates that these wallets contain a total of 45.61 billion XRP, the highest level seen since June 2018. Additionally, large holders, often referred to as whales and sharks, have accumulated around 3.44 billion more tokens over the past two years, reflecting an increase of more than 8.16% during that time.
The increase in adoption shows a strong belief in the long-term potential of the market, especially as conditions are improving and legal frameworks are evolving. This trend also indicates that investors are taking a calculated stance in anticipation of a significant price increase.
As big investors have been gathering more of the altcoin, Santiment pointed out that in the past week, XRP traders have enjoyed returns exceeding 40%, reinforcing its status as a potentially valuable digital asset.
This encouraging news stems from the token’s recent rise to important resistance points, which many market analysts think could signal the beginning of a larger upward trend, possibly reaching a new all-time high.
Crypto expert and enthusiast Javon Marks is feeling quite positive about the potential for cryptocurrencies to reach new high prices. His predictions are based on solid technical signals and patterns observed in earlier market cycles, which he believes could lead to considerable price movement.
Market analysts believe that, based on previous trends, the future direction of the altcoin is aimed at reaching a new all-time high and possibly surpassing it. They predict that XRP could increase over 300% from its current value, targeting a price of $3.30. Furthermore, Javon Marks expresses strong optimism that this uptick could be just the start of significant growth for the asset in the times to come.
XRP Price Momentum Remains Robust
Leading cryptocurrencies are currently experiencing a retreat following several weeks of steady gains. In contrast, XRP has maintained its upward trajectory, climbing to $0.81, a price point it hasn't reached in two years. This significant achievement is thought to be fueled by strong positive sentiment and substantial accumulation of the altcoin.
CoinMarketCap shows that over the last day, the trading volume and market capitalization of XRP have surged by 87% and 16%, respectively, suggesting that investors are optimistic about XRP’s future prospects. This increase in both trading activity and market cap has led to a price jump of 16% in the past 24 hours, even as overall market sentiment remains weak.
Main image sourced from Adobe Stock, graph created using Tradingview.com.
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My name is Godspower Owie, and I write for the news sites NewsBTC and Bitcoinist. I like to think of myself as an adventurer, as I love discovering new locations, soaking up knowledge—especially useful knowledge—and connecting with people who influence my life, no matter how minor that impact may be. I hold my family, friends, career, and time in high regard. In truth, these are probably the most essential elements of anyone's life. I chase after dreams, not mere illusions.
