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Cryptocurrency News Articles
XRP Surges as Whales Swim Back In, Signaling Bullish Market Recovery
Apr 24, 2024 at 01:00 am
As the crypto market rebounds, XRP has witnessed increased investor sentiment, leading to a surge in the number of wallets holding over 1 million XRP to near its all-time high. This influx of large investors suggests optimism about the altcoin's potential rally, fueled by positive indicators and a belief that the recent price crash was a final capitulation shakeout akin to that seen in 2017.
XRP's Resurgence: Whales Return as Altcoin Soars
The cryptocurrency market is once again experiencing a surge, and XRP is among the beneficiaries, witnessing a wave of positive sentiment among investors. This bullish recovery has enticed a growing number of crypto enthusiasts to acquire the altcoin, propelling a pivotal cohort of large holders towards unprecedented heights.
Whales Return to XRP
Over the past year, XRP investors have engaged in significant selling due to the asset's price struggles. Despite Ripple's legal victories against the United States Securities and Exchange Commission (SEC), the coin's price remained stagnant, prompting many investors to abandon the asset.
One particularly affected investor group was the cohort holding over 1 million XRP tokens. At current prices, these wallets hold at least $500,000, placing them in the category of whales.
In June 2023, the number of addresses holding 1 million tokens reached an all-time high. However, as the price declined, these large holders began selling, reducing the number of wallets to approximately 50 below the peak of 2,014.
The recent upswing in the crypto market has kindled expectations of a similar recovery in XRP's price, prompting the return of large investors. Data from Santiment, an on-chain data aggregator, reveals that the number of wallets holding 1 million tokens or more has steadily increased throughout 2024. As of April, this figure stands at 2,013, just one wallet shy of the previous all-time high and two wallets away from setting a new record.
Bullish Signs and Analyst Predictions
Several factors are contributing to the renewed interest in XRP among large investors. Technical indicators are finally turning positive for the altcoin. Moreover, the recent market crash presented an opportunity for these investors to acquire the tokens at a discounted price, as XRP suffered losses of almost 40%.
Renowned crypto analyst TonyTheBull has highlighted the significance of the recent price dip, comparing it to a similar "capitulation shakeout" in 2017. The analyst suggests that XRP could embark on a significant rally following this event.
Anticipation of a Price Surge
Large investors may be anticipating this potential rally, motivating their recent accumulation of XRP. If the 2017 rally serves as a precedent, XRP's price could surge beyond $1, generating significant returns for investors.
Currently, XRP's price is trending towards $0.6, according to Tradingview.com. If the altcoin continues its upward trajectory, it could surpass this level and potentially reach higher targets.
It is important to note that investing in cryptocurrencies carries inherent risks. Investors are advised to conduct thorough research before making any investment decisions.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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