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Cryptocurrency News Articles
Crypto Whales Buy $228 Million In XRP Following $5 Price Prediction
Sep 21, 2024 at 10:00 pm
XRP whales are bucking the trend with noticeable moves amidst a wider backdrop of uninspiring price movements for the cryptocurrency.
Large-scale investors known as XRP whales have made a striking move, acquiring a total of $228 million in the cryptocurrency over a few days. This activity was highlighted by crypto analyst Ali Martinez, who shared a chart from the crypto supply distribution on the X social media platform.
The chart reveals that wallets containing 10 million to 100 million XRP tokens recently increased their total balance to a September peak of 7.17 billion XRP. This followed an addition of about $288 million in XRP tokens over ten days.
Based on the average XRP price during this period, this group of large holders acquired approximately 390 million tokens. This represents about 6.9% of the total circulating supply moving into the hands of a few key players. However, the total balance of the whales had dropped to about 7.11 billion XRP at the time of Martinez’s post.
Despite this uptick in whale activity, XRP has not mirrored the price jumps in other major cryptocurrencies following a favorable U.S. Federal Reserve decision. The Federal Reserve’s 0.5% interest rate cut fueled a broader inflow into the cryptocurrency market, propelling assets like Bitcoin and Ethereum to notable gains. In contrast, the XRP price has struggled to break above the $0.60 mark.
However, one crypto analyst, known as Ash Crypto, has made a bold prediction that XRP could reach $5 in the next six to ten months. This forecast aligns with a wider backdrop of optimism within the crypto space, with multiple assets experiencing upward momentum as the effects of the Federal Reserve’s policy changes continue to ripple through markets.
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