As a seasoned analyst with years of experience navigating the tumultuous waters of the crypto market, I can’t help but find intrigue in the recent behavior of XRP whales. The accumulation of XRP by these large investors, despite the prevailing bearish sentiment and price consolidation, is a testament to their confidence in the coin’s long-term potential.
In a period marked by price stabilization and growing pessimism, significant XRP holders, often referred to as “whales,” have been consistently purchasing this digital currency.
This accumulation reflects sustained confidence in XRP’s long-term potential among major holders. The trend could set the stage for a breakout, enabling XRP to target its multi-year high of $2.90.
XRP Whales Fill Their Bags
For the last seven days, XRP has been moving in a limited band. It has encountered resistance at approximately $2.62 and has found a stable base at around $2.20. Presently, it is being traded at $2.34, which is slightly above this significant support point.
Due to XRP’s sideways trend and decreasing optimism among bulls, a number of major investors with XRP token holdings ranging from 100 million to 1 billion have taken advantage of the situation by amassing a substantial quantity of this digital currency.
Over the last week as a researcher, I’ve observed that this specific investor cohort has cumulatively acquired about 590 million XRP, equivalent to roughly $1.29 billion in value. At present, they collectively hold close to 8.91 billion XRP tokens.
In my exploration as a researcher, the increasing hoarding of XRP by significant whale investors indicates a robust belief in XRP’s future value growth. As these substantial holders continue to amass more XRP, it instills an upward momentum within the market. This trend could potentially trigger price surges as smaller investors follow suit, reacting to the increased activity.
Even though XRP’s price has been relatively stable, derivative traders express confidence in a potential increase, indicated by the altcoin’s favorable funding rate which stands at 0.008%.
The funding rate signifies the recurring charge swapped among traders to ensure the futures contract’s price corresponds with the current market price. If the funding rate is positive, it implies that those holding long positions are compensating those with short positions, suggesting a market inclination towards optimistic views (bullish sentiment).
XRP Price Prediction: Why Accumulation Must Continue
Currently, XRP is being traded around $2.34, slightly elevated over the support of $2.20. If individual investors start amassing more, there’s potential for the price to climb toward the resistance at $2.62. Breaking through this barrier might propel XRP towards the 2018 high of $2.90.
Should whale accumulation start to dwindle and pessimistic feelings intensify among investors, I foresee the value of my XRP holdings slipping below the $2.20 mark, potentially dropping down to around $1.95.
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2024-12-13 17:41