Can XRP Price Hit $8? Whales Accumulate 453.3 Million Tokens in One Week
XRP’s price surge has been impressive, reaching its highest levels since the 2021 bull run. XRP has surpassed $1 and its price recently reached $1.27, doubling in just 7 days. This is a huge milestone for the cryptocurrency, making it once again one of the top players in the market. With a market capitalization of $30 billion, XRP is attracting the attention of traders and investors. But what’s behind the sudden surge in interest and prices?
XRP has been undervalued for years, especially after its legal dispute with the SEC. However, as the regulatory cloud began to clear and Ripple’s position in the cryptocurrency space strengthened, investors began to realize XRP’s untapped potential. Many analysts believe that XRP has been suppressed for too long and could see explosive growth now that regulatory clarity is coming.
Whale Activity: Big Players Betting on XRP
One of the most interesting aspects of this recent surge is the behavior of XRP whales. Analyst Armando Pantoja said whales have been quietly accumulating XRP. In fact, in just one week, they purchased a staggering 453.3 million XRP tokens, worth approximately $526 million and accounting for 18% of the token’s circulating supply.
This level of accumulation has not been seen in almost three years, indicating that large players are preparing for what many believe is a massive breakout for XRP. Pantoja also mentioned that Gary Gensler’s potential exit and the Elliott Wave pattern portend huge price movements for XRP in the near future.
Key price breakpoint: $3.84?
According to him, the next key breakpoints for XRP are $1.33 and $1.88. Once these levels are breached, it is thought that the path for XRP to retest its all-time high (ATH) of $3.84 may be clear. The analyst also predicts that XRP will target between $8 and $30 in the coming months or years.
