XRP Whales Accumulate 45.61B Tokens, Musk's Comments Fuel 40% Price Increase

Large holders of digital assets, termed whales, have accumulated a significant amount of XRP, reaching a combined total of 45.61 billion tokens—the

Large holders of digital assets, termed whales, have shown a keen interest in XRP, accumulating a substantial amount of the cryptocurrency. According to data from Santiment, wallets holding 1 million XRP or more have added to their holdings significantly.

Over the past two years, these large holders have collectively added 3.44 billion XRP to their wallets, an 8.16% increase in their holdings. This accumulation trend coincides with XRP's recent price increase of over 40%.

As XRP's price reached a four-month high this past week, climbing above $0.77, large holders appear to be increasing their positions in the cryptocurrency. This coincides with increased activity from whales and sharks, with their collective holdings now at a 65-month high.

According to analysts, this accumulation trend is closely linked to XRP's recent price gains. Notably, Elon Musk also commented on the cryptocurrency, comparing its current momentum to the excitement during the 2016-2017 bull market.

However, Musk also mentioned other opportunities in the market and promised to share his investment insights as the bull run progresses, urging caution and highlighting the dynamic nature of the market.

Following Musk's remarks, XRP's price experienced a sharp uptick, increasing by 17.67% in a day, reaching $0.8185. During this time, XRP's market capitalization also increased by 17.79%, reaching $46.60 billion.

Moreover, the trading volume also increased significantly, recording $10.50 billion over the previous day, indicating a substantial amount of buying activity.

Technical indicators for XRP also show bullish momentum. The MACD shows a blue line at 0.0314 positioned above the orange line at 0.0262, indicating buying pressure.

Additionally, the RSI stands at 65.43, nearing the overbought level of 70, suggesting that XRP has further potential for price increases if buying momentum continues.

It is crucial to note that the information provided in this article is solely for educational and informational purposes and does not constitute financial advice.