Crypto NEWS
“XRP Whales Are Back: Massive Accumulation Hits 5-Year High – Is a $4.80 Breakout Coming?”
Whale Alert: XRP Accumulation Hits 5-Year Peak
Ripple’s XRP is once again making waves, drawing significant attention with its recent price surge and remarkable accumulation by large investors. Whale and shark wallets—holding at least 1 million XRP—have reached their highest combined holdings in five years, signaling renewed confidence in the token’s potential.
The Surge in Whale Accumulation
Recent data from Santiment reveals that wallets holding a minimum of 1 million XRP now account for a staggering 45.61 billion tokens, the highest level since June 2018. Over the past two years, these high-net-worth investors have accumulated an additional 3.44 billion tokens, marking an 8.16% increase.
This accumulation trend coincides with XRP’s impressive 40% price rally in just seven days, adding to the token’s growing prominence in the crypto market.
> “Wallets with at least 1M XRP now hold a combined 45.61B tokens, their highest amount held since June 2018. In the past two years, whales & sharks have reversed course and accumulated 3.44B more XRP, a +8.16% increase.” — Santiment
Rising Prices and Intensified Conversations
The recent price rally has reignited conversations about XRP across the crypto community. Nearly 5% of all crypto-related discussions now focus on XRP, underscoring its increasing relevance. The token is currently trading around $0.71, facing notable resistance ahead.
XRP up a whopping 95% in the last week. Source: Bitstamp
Analysts suggest that FOMO (fear of missing out) and favorable funding rates could help sustain the momentum. However, risks remain. Overextended long positions on major exchanges like Binance could temper the upward trend, underscoring the delicate balance between bullish sentiment and market sustainability.
Technical Breakout and New Price Targets
From a technical perspective, XRP’s chart is looking increasingly promising. Crypto researcher Jonathan Carter highlighted that the token recently broke out of a triangle pattern that has been forming since 2021. Such breakouts often signal significant price movements, with analysts eyeing mid-term resistance at $1.68.
Historical Comparisons and Bold Predictions
Comparisons to XRP’s legendary 2017 rally have further fueled optimism. Some analysts project the token could reach $4.80 by late 2024, though this hinges on continued growth and favorable market conditions.
Market Activity Reflects Growing Momentum
The surge in XRP’s price has been accompanied by a sharp rise in market activity:
- Trading volume soared by 120%, hitting $17.5 billion in the last 24 hours.
- Open interest in XRP derivatives increased by 12%, signaling heightened trader interest.
These metrics suggest that investors are increasingly betting on XRP’s potential for further upside.
Caution Amid Optimism
Despite the bullish outlook, caution is warranted. CryptoQuant data shows that while miner sell-offs are currently subdued, they could intensify if XRP’s rally becomes overextended. Sustaining long-term growth will require a healthy balance of market forces and realistic investor expectations.
Conclusion: Can XRP Sustain Its Momentum?
XRP’s recent success is a testament to whale accumulation, technical breakouts, and an engaged community. While the token’s future looks bright, the path ahead will depend on how well it navigates challenges such as market overextension and resistance levels.
For now, XRP holders remain optimistic, hoping that the token can replicate its past success and redefine its role in the ever-evolving crypto space.
