- XRP whale accumulates 20M tokens, fueling speculation on potential price movement.
- Whales have acquired 150M XRP in 48 hours, signaling growing bullish sentiment.
- Analyst predicts XRP market cap could hit $1T, forecasting a potential 600% surge.
An XRP whale has drawn attention with a big accumulation of 20 million XRP coins during the recent price dip. Data from Whale Alert shows the transaction happened on the Gemini exchange, that approximates $50.65 million in value.
This large-scale acquisition has sparked speculation about its potential impact on XRP’s market movement. The cryptocurrency recently recorded a slight decline, now hovering around the $2.58 mark, which is making people wonder if this purchase signals a price shift is coming soon.
Whale Buy Kicks Off Market Talk
The sudden accumulation of XRP has got market discussions going, with investors debating the possible reasons behind the move.
One theory is that the whale may be attempting to tighten the available supply of XRP on exchanges, potentially driving demand and influencing price action.
Another possibility could be that institutional investors might be positioning themselves for a long-term price increase.
Despite the uncertainty surrounding this transaction, historical patterns indicate that large-scale acquisitions often precede significant price movements. However, market participants should remain cautious, as increased whale activity can also contribute to short-term price volatility due to shifting liquidity.
Whale Accumulation Trends Broaden
Crypto analyst Ali Martinez highlighted a broader trend in XRP accumulation. According to his analysis, whales have purchased 150 million XRP in the past 48 hours, bringing their total holdings to over 6.9 billion XRP.
The data, which showcases a surge in whale activity, coincides with fluctuating XRP prices. This growing interest from large investors suggests a potential bullish outlook for XRP in the coming weeks.
Related: XRP Price Momentum Intact But Analyst Predicts Short-Term Dip: Details
Long-Term XRP Outlook Gains Insights
Adding to this, analyst EGRAG CRYPTO provided insights into XRP’s long-term market potential. Using Fibonacci retracement levels, he projected that XRP’s market capitalization could reach $1 trillion in this cycle.
He pointed out that XRP’s previous bull run saw a 15,000% increase in market cap, and a move to the Fibonacci 1.618 level could represent just 4% of that movement. By applying conservative estimates, he suggested a possible 600% increase in XRP’s price in the future.
XRP Market Outlook
As of press time, XRP trades at $2.58, with a 24-hour trading volume of approximately $4.45 billion.
Related: XRP Analysis: Will XRP Make or Break its Current Support?
The cryptocurrency has recorded a 0.34% price increase in the past day and an 8.33% gain over the last week. With a circulating supply of 58 billion XRP, its market capitalization stands at roughly $149.66 billion.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
