As a seasoned crypto investor with a knack for spotting trends and reading between the lines, I find myself intrigued by the recent developments surrounding Ripple (XRP). The whale accumulation we’ve seen lately is reminiscent of the 2017 bull run, a time when FOMO (Fear Of Missing Out) was at its peak and the market was awash with green.
Over the past week, the crypto market has shown signs of activity, with XRP initially lagging but subsequently making up ground and recording significant increases in value recently.
Currently, it appears that the “Ripple Whales” could be gearing up for a significant price increase based on their latest actions.
Ripple Whales Stack Up
According to Santiment’s data, large wallets, those containing at least a million units of the seventh-largest digital asset, have been buying up significantly in recent times. These large holders now possess over 45 billion XRP, which is the maximum amount they’ve held since June 2018.
Currently, wallets containing at least one million XRP are holding a collective total of 45.61 billion tokens, which is their highest amount since June 2018. Over the past two years, large investors (whales and sharks) have increased their holdings by an additional 3.44 billion XRP, representing an increase of 8.16%. In the last seven days alone, traders have seen a return of approximately 40% on their investments in XRP.
— Santiment (@santimentfeed) November 14, 2024
Based on this graph, whale investments plummeted to record lows of less than 42 billion tokens during the severe bear market towards the end of 2022 following the demise of FTX. However, since then, they have been actively buying up tokens, which has significantly increased in the past week, starting from Donald Trump’s victory in the U.S. presidential elections.
Over the last week, there’s been a surge of optimistic feelings towards Ripple’s native token, largely because of the shift in U.S. political leadership. The current Democratic administration and Gary Gensler-led SEC have been openly pursuing legal action against several cryptocurrency companies, with Ripple being one of them.
With Trump pledging to dismiss Gensler on his first day in office and the general Republican victory in the elections, there’s been chatter suggesting that the current SEC chairman may resign before January and be replaced by someone who has a more industry-friendly approach.
XRP to Surge Further?
In the last day, XRP has taken the lead among larger-cap alternatives and reached beyond $0.8 for the first time in more than a year, following a 15% increase. This upward trend appears to be gaining momentum, causing an influx of highly optimistic price forecasts.
According to previous reports, various cryptocurrency analysts have predicted potential future price points for XRP. Currently, surpassing the $1 mark appears quite plausible. Some even speculate that it could potentially soar to three figures, reaching as high as $3.3.
For the time being, many theories about the situation revolve around speculation, as Gary Gensler has not formally stepped down from his role at the SEC. Consequently, it’s unclear who might succeed him and what impact that person may have on the ongoing legal battle between the SEC and Ripple.
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2024-11-15 15:56