Emily Walker
Interest in XRP is rapidly increasing, driven by a wave of optimism in the market. This is highlighted by significant accumulation of the cryptocurrency by large investors, or whales, showcasing their strong belief in XRP’s potential.
Record Highs in Large Investor Holdings
Recent reports indicate that the number of XRP wallets containing at least 1 million tokens has reached an all-time high in over four years. This shift indicates a change in the attitude of major investors toward this cryptocurrency. The analytics platform Santiment noted this surge in accumulation through a recent update on X.
Currently, these wallets hold a total of 45.61 billion XRP, the highest recorded since June 2018. In the past two years, large and medium investors (termed whales and sharks) have accumulated roughly 3.44 billion additional tokens, reflecting an increase of more than 8.16% during this time.
This growing accumulation hints at a confident sentiment surrounding XRP’s long-term potential, especially in the context of improving market conditions and legal developments. Many investors seem to be positioning themselves strategically in anticipation of an upcoming price surge.
Furthermore, while large investors have been buying up XRP, Santiment pointed out that XRP traders have gained over 40% returns in the last week, reinforcing XRP’s status as a valuable digital asset.
This encouraging trend aligns with the token’s recovery to key resistance levels, and many market analysts think this could signal the beginning of a much larger price movement, possibly leading to a new all-time high.
Crypto analyst Javon Marks has shown a strong belief in XRP’s potential to reach new price peaks. His predictions are supported by solid technical indicators and past trends, suggesting significant momentum may be on the horizon.
According to Marks, when compared to historical performances, XRP is likely heading for a new all-time high, targeting a jump of more than 300% from its current position to about $3.30. He believes this might just be the start of substantial future growth for the asset.
Strong Price Momentum for XRP
While many major cryptocurrencies are experiencing pullbacks after an extended upward trend, XRP has held onto its upward trajectory, recently reaching $0.81, a price level not seen in 2 years. This achievement is believed to be driven by strong positive sentiment and significant accumulation.
According to CoinMarketCap, XRP’s trading volume and market cap have surged by 87% and 16% respectively over the past day, suggesting that many investors are placing their bets on XRP’s promising future. This increase in trading activity has propelled XRP’s price by 16% in the last 24 hours, despite a general dip in overall market sentiment.