Whale Activity Points To $15 Breakthrough
XRP is gaining traction in the cryptocurrency market, driven by heavy buying by major investors known as “whales.”
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Within a week, these whales accumulated over $526 million in XRP, the largest accumulation in nearly three years. The increase in buying activity is as follows Ripple price It crossed the $1 threshold for the first time since 2021, fueling growing investor interest and hope.
Whale activity shows assurance
Approximately 453 million XRP tokens, or a significant portion of the asset’s circulating supply, were recently issued whale acquisition. Cryptocurrency experts claim that this level of accumulation typically indicates strong confidence in XRP’s future performance. These large players reduce supply on exchanges as they acquire tokens, thereby increasing demand and price.
Notably, while large institutional buyers were buying in large quantities, smaller individual traders appeared to be selling off their holdings. Funds holding less than 1 million XRP allegedly sold a total of 75.7 million shares during the period. There’s been a clear shift in market sentiment: Big buyers are betting on XRP’s rise, but smaller traders are more cautious.
🥳📈 XRP has now breached a 3-year high, reaching $1.2679 on Binance for the first time since November 11, 2021. This rally was supported by whale and shark wallets holding between 1 million and 100 million tokens. In total, the group has accumulated 453.3 million tokens (worth… pic.twitter.com/8F0IjXs7A5
— Santiment (@santimentfeed) November 16, 2024
Historical trends suggest potential gains
Historically, large accumulations by whales have preceded large swings in XRP price. Analysts cited historical instances where such allocations have resulted in large gains — sometimes exceeding 1,300%.
#ripplecoin Channel B – Monthly timeframe (updated):
in the past, when #ripplecoin Breaking through channel A and channel C, rising 1,307% and 1,341% respectively! 🔥
Now, #ripplecoin Fighting on the edge of channel B, trying to turn it into support. If history repeats itself, we could see a 1,324% gain.
🎯… https://t.co/R6ktTVdWL5 pic.twitter.com/q19rKaNjFx
— EGRAG Crypto (@egragcrypto) November 20, 2024
The fact that XRP has now reached a key support level (which analysts refer to as “Channel B” in their charts) is causing significant concern, as a break above this resistance level could lead to a significant price increase. Market observers say that if this trend continues, XRP’s price range may reach $13 to $15 in the near future. The prediction is dependent on past performance as well as contemporary technical signals showing favorable coin conditions.
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Broader market context
The current increase in XRP price corresponds to overall favorable developments in the cryptocurrency space. elements include expected authorization XRP Exchange Traded Fund (ETF) Speculation about regulatory changes has sparked a surge in optimism. The latest political developments in the United States, especially signs of change within the SEC, have heightened enthusiasm among XRP fans.
XRP’s market capitalization has increased dramatically, boosting its position in the cryptocurrency rankings. Analysts predict that if the current pattern continues, XRP may experience a more significant rise in the coming months.
With whales spearheading the initiative and historical data backing their actions, many observers are closely watching the potential rise of this digital asset.
Featured images from DALL-E, charts from TradingView
