XRP Whales Accumulate 3.17 Billion Tokens, Boosting Network Activity
A recent report by Santiment, a market intelligence platform, delves into the accumulation patterns of major players in the cryptocurrency market. The report focuses on Bitcoin, Ethereum, XRP, and Chainlink, revealing a strategic increase in asset procurement by large-scale holders, commonly referred to as whales and sharks.
Of particular interest in the analysis is the activity surrounding XRP. The Santiment chart shows that wallets holding more than 10 million XRP, valued at over $5.1 million, have witnessed significant movement over the past four years. These entities, after reaching a low in their holdings 16 months ago, have aggressively increased their stakes, adding approximately 3.17 billion XRP to their reserves.
This accumulation surge is noteworthy considering the ongoing legal issues faced by XRP, as the cryptocurrency battles the U.S. SEC. Despite the market pressures resulting from the Ripple lawsuit, XRP has exhibited significant price volatility, almost reaching $2 in 2021 before experiencing a prolonged downturn.
The growing network activity in the first quarter of 2024 further supports the findings on XRP’s performance. Messari reported that the number of active addresses interacting with the XRP network has increased by 37%. Additionally, transaction volume has surged by 113% quarter-over-quarter. These metrics indicate a growing interest and engagement with the XRP Ledger.
Amidst the accumulation trends, The Crypto Basic’s report provides an optimistic outlook for XRP. Analyst World of Charts highlights a notable technical formation, a textbook symmetrical triangle pattern, which often suggests a potential breakout. The report suggests a price target in the range of $4 to $5 if a breakout occurs, indicating a potential increase of 453.71%.
It is important to note that this content is informational and not financial advice. The views expressed in this article may include the author’s personal opinions and do not necessarily reflect those of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic is not liable for any financial losses incurred.
