In a groundbreaking development, onchain analyst Kriptolik has highlighted a notable surge in whale activity surrounding XRP. This unprecedented level of interest from whales signifies a pivotal moment for XRP, as it is now recognized as a highly valuable asset in the crypto market.
XRP Achieves Multi-Year High
Recently, XRP achieved a significant milestone, surging to a multi-year high of $2.79. This upward trajectory propelled its market capitalization beyond $130 billion, allowing XRP to surpass other prominent cryptocurrencies like Solana (SOL), BNB, and Dogecoin (DOGE). The bullish momentum has enabled XRP to overtake Tether, securing its position as the third-largest cryptocurrency by market cap, currently standing at $154 billion compared to Tether’s $134 billion.
Rally Driven By Whales!
Crypto analysts suggest that the recent rally of XRP was primarily fueled by increased whale activity, which in turn sparked a fear of missing out (FOMO) among retail investors. In a recent post, CryptoQuant CEO Ki Young Ju emphasized that whale activity on Coinbase played a crucial role in this surge.
“Coinbase whales are driving this XRP rally. Over the past 30 days, Coinbase’s minute-level price premium has ranged from 3% to 13% during the surge. Meanwhile, Upbit, a Korean exchange with more XRP investors than Binance, has shown no significant premium so far.” – Ki Young Ju
According to Santiment, a prominent analytics firm, wallets holding between 1 million and 10 million XRP accumulated a staggering 671 million coins, valued at $1.66 billion, within just three weeks. This data underscores the significant role whales play in the current XRP market dynamics.
Interestingly, the surge in XRP’s value is not solely attributed to whales. Data indicates an increased involvement from retail investors, with the total number of XRP wallets reaching an all-time high of 5.5 million. This suggests that numerous previously inactive wallets now hold XRP balances.
RLUSD Around The Corner?
According to reports from Fox Business, Ripple is gearing up for the potential launch of RLUSD as early as December 4. This development could position RLUSD as a formidable competitor to established stablecoins like USDC and USDT. The introduction of RLUSD would provide Ripple users with a stable alternative, minimizing the price volatility typically associated with XRP and other cryptocurrencies.
Analysts Bullish on XRP
XRP is currently trading at $2.68, still about 30% below its all-time high of $3.84, achieved in January 2018. Noted crypto analyst Dark Defender has identified a Fibonacci-based target of $5.85, marking it as a significant level to watch. He highlights key support levels at $1.88 and $2.13, providing potential safety nets for the cryptocurrency. Dark Defender’s long-term roadmap even charts a bold target of $18.22, reflecting optimism for XRP’s future performance.
Raoul Pal, CEO of Real Vision, also expressed a positive outlook on XRP’s chart, emphasizing its potential for substantial upward movement. He remarked:
“You’ve got to admit, $XRP is a good looking chart. Last time it broke a long wedge pattern it rose another 5,600%! (obviously, it won’t repeat, but you get the point – it can go up a lot).” – Raoul Pal
As XRP continues to capture the attention of both whales and retail investors, its market trajectory remains a focal point of interest for analysts and enthusiasts alike. The evolving dynamics and upcoming developments, such as the potential launch of RLUSD, add layers of excitement and anticipation to XRP’s journey.
