Something Huge May Be on the Horizon for XRP as Whales Ramp Up Acquisition Amid Surging Bullish Sentiments

Something huge may be on the horizon for XRP as a market pundit points to bullish data indicating surging traction for the asset.

Market pundit Armando Pantoja has pointed out something huge that may be on the horizon for XRP.

According to Pantoja, something big is about to happen for XRP as on-chain activity continues to impress. In a Monday post, Pantoja highlighted the surging accumulation of the XRPL native token amid growing bullish sentiments.

As highlighted by the market commentator, on-chain data reveals a fever-pitch accumulation of XRP. Pantoja noted that XRP whales stacked 453.3 million XRP, valued at $526 million, in a week amid growing price uptick expectations.

Pantoja's observation aligns with an earlier report by The Crypto Basic, which reveals that whales holding between 1 million and 10 million XRP added the substantial amount to their stash. These whales now own 18% of XRP's circulating supply.

The recent acquisition also brought the holdings of these high-caliber whales to a two-month high. Notably, the accumulation coincided with XRP's surge past the $1 price mark, reaching a three-year high of $1.26.

In another update, Pantoja shared data indicating a significant uptick in holdings among XRP whales with 100,000 XRP and above. According to the data, these whales' stash has reached a new all-time high of 51.59 billion XRP.

The impressive accumulation by this category of whales has propelled XRP holdings among these addresses to a new all-time high. These wallets now collectively hold an astonishing amount of XRP, reaching 85% of the asset's circulating supply and marking an 11-month high in holdings.

Putting Pantoja's big XRP expectations into perspective, several analysts have projected ambitious price targets for the coin. For instance, Bobby A, a market commentator, suggested that XRP could target higher prices like $3, $8, $11, and $13.

Furthermore, Tony Severino, a Chartered Market Technician, asserted that XRP could surge a staggering 1,710% to reach the $20 price mark. The analyst anticipated a sharp rally as XRP enters the fifth wave of its Elliot Wave structure.

While bullish sentiments and expectations of big moves continue to swell, XRP has consolidated following a mild pullback. The asset joined a broader market correction that was widely expected in preparation for its next upside.

For context, XRP is down 14% from its November 16 peak of $1.26. The XRPL native token has also corrected 3% in the past 24 hours but is aggressively guarding the $1 price mark.

At the time of writing, XRP trades at $1.105 with a market valuation of $62.69 billion.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.