As a seasoned researcher with a decade-long immersion in the cryptocurrency realm, I find myself intrigued by the recent surge of XRP whale activity and Grayscale Investments’ entry into the XRP market. The 470 million tokens amassed by whales in less than two weeks is a significant move that has traditionally indicated bullish sentiment in the XRP ecosystem.
Over the past month, the value of XRP, the native token for the XRP Ledger, has surged by over 11% due to large investors (whales) purchasing approximately 470 million tokens within a span of only 10 days. This significant buying spree followed closely on the heels of Grayscale Investments’ announcement about the launch of their Grayscale XRP trust.
As per information from crypto analytics firm Santiment, which was initially posted by well-known cryptocurrency analyst Ali Martinez on the social media platform Twitter, there’s been a significant increase in XRP being amassed by large investors (whales). In just under two weeks, they added over 470 million XRP tokens to their digital wallets.
#Ripple whales have bought over 470 million $XRP in the past 10 days! — Ali (@ali_charts) September 29, 2024
In the realm of XRP, it’s common for whale investors to possess anywhere from 100 million to a billion XRP coins. This significant holding suggests a considerable investment in XRP. The actions of these whales can frequently offer insights into general market trends and possible future price fluctuations.
At this moment, XRP is being traded at approximately $0.63. Over the last year, it has increased by over 20%, and within the last month, it’s seen a rise of more than 10%. However, its growth in comparison to the start of the year stands around 3%. In contrast, other digital assets have performed significantly better than XRP during this period.
shortly after it was announced that Grayscale Investments, a major global cryptoasset manager and fully owned by Digital Currency Group (DCG), unveiled their newest cryptocurrency investment offering – the Grayscale XRP Trust.
The Grayscale XRP Trust has been created to offer investors an opportunity to invest in XRP. This investment option is accessible to both individual and institutional investors who meet the accreditation requirements, as stated in a recent company announcement.
According to a recent report by CryptoGlobe, a well-known crypto analyst anticipates that the value of XRP might experience an extraordinary surge, potentially reaching $18.22 – a jump representing approximately 3,200% if it occurs from its current price level.
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2024-10-02 01:48