As a seasoned researcher with years of experience in the cryptocurrency market, I must admit that the recent surge of XRP has caught my attention. Having closely followed the market since its inception, I can say that this rally reminds me of a phoenix rising from the ashes – just when you think it’s down for good, it comes back stronger than ever.
In recent weeks, XRP, Ripple‘s native token, has shown exceptional growth, climbing from around $0.6 to a three-year high of over $1.25. This indicates that the asset had begun to regain momentum following Trump’s election win and is now aligning with the broader market trends.
Based on findings from Santiment, it appears that the recent surge of over 100% in XRP’s value was largely fueled by substantial buy-ins from high net worth individuals (whales) and institutional investors (sharks). Simultaneously, smaller retail investors were observed selling off their tokens, potentially to secure profits.
According to recent reports, the value of whale’s cryptocurrency holdings reached an impressive six-and-a-half year peak last week. In total, these large investors amassed over 450 million tokens, equivalent to approximately $530 million at that time, within a single week.
Santiment pointed out that the tokens were likely sold by “small-scale investors trying to offload their XRP during any minor price surge.
According to the analysis, historically, a cryptocurrency typically experiences an increase in its market value when its major investors are buying and showing confidence. At the same time, uncertainty among retail investors (FUD) can further accelerate this growth. This is exactly what has been happening with the sixth-largest cryptocurrency by market cap as observed by the analytics platform.
Enthusiasts of XRP took delight as the asset broke through the $1 barrier, sharing optimistic and even some extravagant forecasts about its future performance in this market cycle.
Some analysts predict that XRP might reach $1.5 in the near future and then potentially peak at around $1.96 or even $3.8. On the other hand, certain experts believe that XRP is gearing up for a significant surge that could propel it to as much as $7.
If Ripple’s price were to reach $7 per unit, its market capitalization would surpass $400 billion, making it the second largest cryptocurrency in terms of value. At present, however, due to a price of around $62 billion, Ripple finds itself in the sixth position, having regained this spot by outranking Dogecoin once more.
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2024-11-20 11:54