Investor enthusiasm for XRP is seeing a remarkable rise, fueled by an optimistic sentiment in the market. This excitement is predominantly driven by the substantial accumulation of XRP by whales, or large-scale investors, demonstrating considerable confidence in the potential of this altcoin.
The spotlight is on XRP whales as the count of wallets holding at least 1 million tokens has soared to levels not witnessed in over four years. This shift signifies a transformation in the mood and adoption of the crypto asset among major investors. According to Santiment, a leading market intelligence and on-chain data provider, there has been a notable uptick in accumulation, as reported on the platform X.
Current data reveals that these wallets collectively hold 45.61 billion XRP, the highest since June 2018. In the past two years, whales and sharks have increased their holdings by 3.44 billion tokens, representing an 8.16% surge. This uptick reflects strong sentiment concerning the asset's long-term prospects amidst better market conditions and regulatory developments. Investors seem to be strategically positioning themselves for a potential price rally.
Despite the accumulation trend among large investors, over the past week, XRP traders have achieved more than a 40% return. This solidifies XRP's status as a promising digital asset.
The recent upswing in XRP's value, reaching several key resistance levels, is seen as the prelude to a significant move, potentially to new all-time highs. Enthusiastic crypto analyst Javon Marks has expressed notable confidence in XRP's journey towards new price peaks.
His forecasts rely on strong technical indicators and historical cycle patterns, viewed as harbingers of considerable price momentum.
Marks believes XRP's trajectory will reach new heights, projecting an over 300% increase from its current price, targeting the $3.30 threshold. Looking ahead, Javon Marks remains confident that this move could mark the start of anticipated future growth for the asset.
While many major cryptocurrencies are experiencing a pullback after weeks of gains, XRP continues its upward momentum, hitting the $0.81 mark—a level not seen in two years. This achievement is attributed to robust optimism and substantial accumulation by investors.
CoinMarketCap data indicates an 87% increase in trading volume and a 16% rise in market cap over the past day. This suggests mounting bets on XRP's future. Consequently, despite a general downturn in market sentiment, there has been a notable 16% price rally in the last 24 hours.