XRP Whales’ $1 Billion Accumulation Drives Price to 43-Month High
2024-11-30

XRP has been on a strong rally, reaching its highest point in over three years. As of the latest data, the altcoin is trading near $1.84, up more than 267% this month.
Several factors are fueling XRP’s growth, particularly its role in the crypto payment market, which continues to attract institutional interest and bolster its long-term prospects.
XRP Continues Growing
XRP price’s growth has been attributed to its rising demand but the altcoin’s rally is also the result of the overall shift in sentiment towards crypto assets. Juan Pellicer, Senior Researcher at IntoTheBlock discussed this with BeInCrypto.
“XRP’s had over the last 2 weeks an exceptional price performance, consistently outpacing many major cryptocurrencies. This outperformance is likely to continue, supported by XRP’s strategic positioning in the global crypto payments infrastructure and notably improved sentiment following positive regulatory developments in the US. The administration’s increasingly constructive stance toward crypto has created a favorable environment for XRP’s adoption strategy,” Pellicer told BeInCrypto.
Over the past two weeks, whale activity in the XRP market has been remarkable. Holders of between 1 million and 10 million XRP have accumulated over $1.12 billion worth of the altcoin.
This large-scale accumulation suggests strong institutional and investor confidence, especially as XRP inches closer to the $2.00 mark. The whales’ strategy indicates they believe in the long-term potential of XRP, which is vital for the altcoin’s stability.
However, this significant accumulation raises concerns about profit-taking. Many market observers are speculating that once XRP reaches a major price level, whales could start booking profits, potentially causing a pullback.
Still, given that the altcoin season is yet to unfold truly, whales are likely to hold their positions and avoid selling prematurely. This could maintain upward momentum for XRP in the short term.
XRP Price Prediction: Multi-Year Highs
XRP’s price has surged over 267% this month, currently standing at $1.84. The altcoin is nearing the psychological resistance level of $2.00, a key price point that has historically triggered major market movements. Reaching this level would mark a major milestone, signaling the market’s optimism and potential for continued growth.
If XRP successfully flips the $2.00 level into support, it could trigger increased demand, further propelling the price upward. The support at this price point would likely attract more investors, setting the stage for a push toward higher price levels. Given the ongoing momentum, XRP could target new highs in the coming weeks.
However, should the market face a broader correction or if profit-taking becomes widespread among whales, XRP may experience a pullback. In such a scenario, support at lower levels could become critical to preserving the overall bullish outlook. As it stands, XRP’s price trajectory remains positive, with a lot of potential for further growth in the near term.