XRP hits 6-year high: Will whales push the token to $3 now?

XRP whale activity reaches a new all time high.
Ripple whales have purchased 160 million XRP tokens worth $380 million.

As a seasoned crypto investor with a knack for spotting trends and understanding market dynamics, I find the recent surge in XRP whale activity intriguing. Over the years, I’ve learned to read between the lines of such data points and this time is no different.

Over the past week since it reached a low of $1.5, Ripple [XRP] has been on an upward trend and recently hit a six-year peak of $2.875.

Currently, the value of XRP stands at approximately $2.74 in the present market scenario. Over the last seven days, this digital coin has experienced a significant surge, rising by an impressive 89.17%. If we look at its performance over the past month, XRP has skyrocketed by an astonishing 445.05%.

In the past few market fluctuations, I’ve found myself, along with other analysts and major stakeholders, questioning the underlying forces propelling this rally. A significant aspect that catches my attention amidst this rally is an unexpected increase in ‘whale’ activity.

XRP whale activity hits all-time high

According to the analysis done by Cryptoquant analyst Kriptolik, it was noted that the level of XRP being held by large investors (whales) has hit a record peak.

Based on his statement, the altcoin’s appeal to large investors like ‘whales’ has reached an unprecedented level since its launch. This recent fascination from significant investors suggests that XRP is now being considered a valuable asset by these influential players in the market.

Over the last seven days, it appears that some whales have been aggressively buying. Specifically, these large investors have acquired approximately 160 million XRP tokens during the weekend, as estimated by Ali Martinez based on data from Santiment, with a total value of around $380 million.

When whales amass a particular asset, it often indicates a high level of confidence in the market about that asset’s significant growth potential.

The significant increase in activity among large investors, or ‘whales,’ as shown by a rise in transactions exceeding $100k, has been particularly noticeable. In the last seven days, this activity has soared from its lowest point of 187 to a peak of 1806 at the current moment.

Impact on price charts?

Generally speaking, when there’s a surge in whale (large-scale investor) activity, the price movement of an asset can be affected significantly. When whales choose to sell, this action often increases the overall supply and decreases demand, which in turn raises selling pressure. This increased selling pressure generally leads to a decrease in prices.

Conversely, an increase in the number of whales could lead to a reduction in supply, potentially causing price increases.

Given the significant rise of XRP, making it the third-largest cryptocurrency by market capitalization, it could accurately be stated that the majority of these ‘whale’ actions are focused on amassing or accumulating the digital currency.

This finding suggests that whales (large investors) were contributing to the market without directly interacting with exchanges. Instead, their transactions were taking place off-exchange. This pattern of action hints at a buildup or accumulation trend among these significant players.

Read Ripple [XRP] Price Prediction 2024-2025

In simpler terms, there’s a lot of positive interest and optimism towards XRP in the current market, with even large investors (whales) showing support. This bullish environment might lead to further price increases for this altcoin.

With a strong upward in place, the next short-term target for XRP is $3.

2024-12-03 18:15

XRP whale activity hits all-time high

Impact on price charts?

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