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XRP

XRP Whales On A Buying Spree: Wallets Holding 1M+ Tokens Reaches Historic Accumulation Level

Godspower Owie
by Godspower Owie
11 months ago
·
Posted in XRP
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Investors’ interest in XRP is surging immensely following the recent growing optimistic sentiment in the market, as seen by a massive accumulation of digital assets by whales, also known as large investors, indicating extreme confidence in the altcoin’s potential.

Large Investors Holdings Hits Unprecedented Level

XRP whales are making headlines as the number of wallets with at least 1 million tokens has increased to unprecedented levels in over 4 years, which shows a shift in big investors’ mood and adoption of the crypto asset. Leading market intelligence and on-chain data platform, Santiment revealed the positive advancement in accumulation in a recent post on X.

Related Reading: XRP Primed For Explosive 10x Rally: Expert Lays Out Strategic Roadmap

Data from the platform shows that a total of 45.61 billion XRP are currently held by these wallets, marking its highest point since June 2018. Furthermore, whales and sharks have turned around and amassed about 3.44 billion additional tokens in the last 2 years, which implies an over 8.16% increase within the period.

The surge in adoption reflects robust sentiment in its long-term prospects in the midst of improving market conditions and legal developments. It also suggests a strategic approach by these investors ahead of the much-expected price rally to higher highs.

While large investors have been accumulating the altcoin, Santiment highlighted that over the last 7 days, XRP traders have reaped a return of more than 40%, cementing its position as a promising digital asset.

XRP
Wallets with 1 million+ XRP on a buying spree | Source: Santiment on X

This positive development comes in light of the token’s renewed upswing to several key resistance levels, which multiple market experts believe could be the start of a bigger move, potentially to a new all-time high.

Crypto analyst and enthusiast, Javon Marks, has expressed stark optimism towards the crypto asset’s path to a new price peak. His forecast hinges on strong technical indicators and previous cycle trends, which is seen as a precursor to significant price momentum.

According to the market expert, compared to past performances, the altcoin’s next trajectory is focused at a new all-time high and beyond, suggesting that XRP will rise by more than 300% from its current price level to the $3.30 threshold. However, considering the broader outlook, Javon Marks is confident that the move might just be the beginning of the asset’s anticipated future growth.

XRP’s Price Momentum Holding Strong

Major crypto assets are presently witnessing a pullback after weeks of persistent uptrend. However, XRP has managed to sustain its upside momentum, surging to the $0.81 mark, a level not seen in 2 years. The milestone is believed to be supported by a robust optimistic sentiment and the accumulation of the altcoin at a huge scale.

Related Reading: Crypto Influencer Says You’ll Wish You Bought More XRP In 5 Years, Here’s Why

CoinMarketCap reveals that its trading volume and market cap have increased by 87% and 16% in the past day, indicating that investors are betting on XRP’s future. This rise in trading volume and market cap has caused a 16% price rally in the last 24 hours despite waning market general market sentiment.

XRP
XRP trading at $0.82 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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