XRP Whales Accumulate 45.61 Billion Tokens as Price Skyrockets 90% in a Week

XRP has been causing waves in the crypto space with a significant price pop and equal amounts of market attention from investors.

The price of XRP has surged recently, attracting a lot of attention from investors. According to data from Santiment, wallets holding a minimum of 1 million XRP now hold a combined total of 45.61 billion tokens. This is the highest amount of XRP held by these wallets since June 2018.

Over the last two years, wallets with at least 1 million XRP have increased their holdings by 3.44 billion tokens. This represents an uptick of 8.16%. The increase in accumulation suggests that high net-worth investors are once again betting on XRP.

The last week has seen a surge in interest in XRP, with the price rallying by over 90%. This rally has been driven by a combination of factors, including positive technical analysis and a fear of missing out (FOMO) among investors.

However, there is some concern that the rally may be overextending itself. If this happens, we could see a sell-off in XRP, especially on large exchanges like Binance.

Despite the risks, XRP’s technical analysis remains bullish. According to crypto researcher Jonathan Carter, XRP has broken out of a triangle pattern that has been in place since 2021. Such breakthroughs often herald big price movements, and for XRP, this could point to mid-term resistance around $1.68.

If XRP continues to rally, it could hit higher targets in the coming months. Some analysts have even predicted that XRP could reach $4.80 by late 2024. However, this is dependent on sustained growth and broader market circumstances.