Crypto Whales Buy $228 Million In XRP Following $5 Price Prediction
September 21 2024 - 9:00AM
NEWSBTC
XRP whales are bucking the trend with noticeable moves amidst a
wider backdrop of uninspiring price movements for the
cryptocurrency. A recent surge in XRP acquisitions has caught the
crypto community’s attention, as large-scale investors acquired
$228 million worth of the digital asset in a few days.
Interestingly, this noticeable spike in buying comes on the heels
of the launch of the Grayscale XRP Trust and an optimistic price
prediction that sees XRP potentially hitting $5 in the next six to
ten months. Whale Accumulation Increases Amidst Bullish Predictions
This exciting movement by XRP whales was revealed through the
crypto’s supply distribution on the social media platform X by Ali
Martinez. According to the Santiment chart shared by the crypto
analyst, wallets holding 10 million to 100 million XRP tokens
recently pushed their total balance to a September peak of 7.17
billion XRP after adding about $288 million worth of XRP tokens in
ten days. Related Reading: Grayscale XRP Trust Surges 11.44% One
Week After Launch, Here’s The Catalyst Based on the average price
of the altcoin during this period, this equates to the acquisition
of approximately 390 million tokens by this group of large holders,
representing about 6.9% of the total circulating supply moving into
the hands of a few key players. Although the total balance of the
whales had dropped to about 7.11 billion XRP at the time of
Martinez’s post, recent developments point to continued
accumulation in the coming days. One of these developments is the
recent launch of the Grayscale XRP Trust, which seems to be already
attracting institutional investors to the token. However, despite
this uptick in whale activity, XRP has not mirrored the price jumps
in other major cryptocurrencies following a favorable U.S. Federal
Reserve decision. The Federal Reserve’s 0.5% interest rate cut has
fueled a broader inflow into the cryptocurrency market, propelling
assets like Bitcoin and Ethereum to notable gains. In contrast, the
price has struggled to break above the $0.60 mark, even with
heightened whale activity. Crypto analyst Ash Crypto predicted that
the altcoin could reach $5 in the next six to ten months. This
forecast aligns with a wider backdrop of optimism within the crypto
space, with multiple assets experiencing upward momentum as the
effects of the Federal Reserve’s policy changes continue to ripple
through markets. Related Reading: Dogecoin Open interest
Remains Muted Below $500 Million, What’s Going On? XRP $5
Prediction According to a recent outlook by Ash Crypto, XRP is on
target to perform a 300% to 740% increase in the current market
cycle. Such a rally puts the altcoin at a price target between $3
and $5. Notably, the crypto analyst’s outlook isn’t based on a
technical analysis but on fundamentals and a predicted rally
by the general crypto market. As such, Ash Crypto’s outlook also
forecasts Bitcoin trading between $150,000 and $250,000 and
Ethereum trading between $10,000 and $15,000 in the next six to ten
months. At the time of writing, XRP is trading at $0.5828. Featured
image created with Dall.E, chart from Tradingview.com
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