Whale Alert: XRP Accumulation Reaches 5-Year Peak
XRP has been making waves in the cryptocurrency space, seeing significant price increases and receiving equal amounts of market attention from investors. Whale and shark wallets holding at least 1 million XRP recently reached a five-year high, reaching 45.61 billion tokens.
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The increased accumulation points to renewed confidence among high-net-worth investors who believe the token has more room to rise.
According to Santiment, these whales have collected 3.44 billion coins in the past two years, an increase of 8%. Last week, XRP enthusiasts were overjoyed as the price increased. An increase of more than 90%. However, excitement surrounding the currency is at an all-time high due to the prevailing public positive energy and enthusiasm.
đł Wallets holding at least 1M XRP now hold a total of 45.61B tokens, the highest amount held since June 2018. Over the past two years, whales and sharks have reversed course, amassing 3.44B XRP, a growth of +8.16%. Traders have gained over 40% in the past seven days. pic.twitter.com/nzYNU3CJyW
â Santiment (@santimentfeed) November 14, 2024
Prices rise, conversations increase
XRPâs strong rally has once again sparked discussions online. Nearly 5% of recent cryptocurrency discussions have focused on the impact of XRP, indicating its growing relevance. The coin is currently trading at around $0.71, with strong resistance ahead. Analysts believe that maintaining this momentum will be critical for the next price increase, given factors such as financing rates and fear of missing out (FOMO).
However, considerable concerns remain. The upward trend could slow down if large exchanges like Binance become overly bullish. There’s a fine line between optimism and the market health required to sustain a long-term rebound.
Technological breakthroughs bring higher goals
Technically, XRPâs recent price movements indicate a positive trend. Cryptocurrency researcher Jonathan Carter said the coin has broken out of a triangle pattern that has been in place since 2021. Such a breakout often signals significant price movement, and for XRP this could point to medium-term resistance around $1.68.
On the other hand, historical patterns increase optimism. Analysts have compared XRPâs performance in 2017, suggesting that XRP has the potential to grow exponentially. While they are expected to reach as high as $4.80 by the end of 2024, they are dependent on continued growth and broader market conditions.
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Market activity support power
XRP activity has also increased in the market. Trading volume increased by 120% in the past 24 hours, reaching the $17.5 billion mark. This increase, coupled with a 12% increase in open interest in XRP derivatives, indicates that more traders are betting on the coinâs potential for further gains.
Despite the positive progress, caution is required. According to CryptoQuant data, while miner selling is currently contained, it could become more pronounced if the rebound exceeds permissible limits.
As of now, XRP investors are hopeful about the future, thanks to the accumulation of whales, technological breakthroughs, and a proactive community. But whether this trend can truly continue will depend on the balance of market forces and investor expectations.
Featured images from Earth.com, charts from TradingView
