XRP Market Surge: Nearly $1 Billion Snapped Up by Whales in One Week
2024-11-20

XRP has captured significant attention following its recent rally, which brought the altcoin to a 3-year high earlier this week.
Despite struggling to breach the $1.14 resistance, investor confidence remains high, providing much-needed support for further upward momentum.
XRP Whales Are Key
Whale addresses have shown strong conviction in XRP, accumulating nearly 900 million tokens over the past seven days. This influx, valued at approximately $1 billion, highlights the renewed interest from large wallet holders. Their activity has been instrumental in driving XRP’s recent 122% price surge, further reinforcing market confidence.
The whales’ accumulation trend suggests long-term bullish sentiment, aligning with XRP’s steady rise. This behavior also serves as a stabilizing factor, preventing abrupt price declines. As whales increase their holdings, XRP gains the backing needed to continue its upward trajectory.
Moreover, the age consumed metric for XRP shows no major spikes, which indicates long-term holders (LTHs) are refraining from moving their holdings. Typically, significant spikes in this metric imply profit-taking activity, which can negatively impact prices. The lack of such movements suggests that LTHs are confident about XRP’s future potential.
This stability among LTHs reinforces a bullish outlook for XRP. By holding onto their assets, these investors are signaling the belief they hold in sustained price increases, further solidifying the support level at $1.00. This conviction creates a favorable environment for the altcoin’s continued rally.
XRP Price Prediction: Breaching Barriers
XRP’s price surged by 122% during the recent rally, but the altcoin remains trapped below the critical $1.14 resistance. Breaching this barrier is essential for XRP to continue its upward momentum and secure higher price levels.
If the bullish factors remain intact, XRP could rise past $1.14, paving the way for a move toward $1.28 and beyond. However, this depends on sustained whale activity and LTH conviction supporting the altcoin.
Conversely, losing the support level at $0.99 would invalidate the bullish thesis. A drop below $1.00 could lead to a decline toward $0.87, pulling XRP further away from its recent highs.