XRP Whales Accumulate $84 Million Worth of Tokens, Boosting Confidence in Market

Recent whale activity suggests a bullish sentiment as XRP tokens are scooped up in significant quantities.

XRP whales have recently increased their holdings, acquiring over 140 million XRP tokens valued at approximately $84 million. This surge in whale activity reflects growing confidence in XRP's market potential, particularly as the cryptocurrency approaches the $1 mark.

Data from Santiment, shared by crypto analyst Ali Martinez, reveals that this accumulation by whales is contributing to an optimistic outlook for XRP, which has been in a consolidation phase for the past six years. Currently, XRP whales and sharks with over 100,000 tokens hold a record high of over 51 billion XRP, indicating a strong belief in the token's future performance.

Additionally, network activity on the XRP Ledger (XRPL) shows a significant uptick, with new wallet addresses and active addresses reaching levels not seen since March. On July 18, 1,721 new XRP wallets were created, and 47,363 individual addresses interacted on the network, signaling increased retail investor interest.

Technical analyses by crypto experts suggest that XRP is poised for a breakout from its prolonged consolidation. Analysts like Mikybull Crypto predict a substantial rally, potentially pushing XRP to as high as $3 in the long term.

At present, XRP is trading around $0.60, with a minor decline of 1% over the past 24 hours. However, the ongoing accumulation and technical indicators point towards a possible significant price rally in the near future.

photo source / Blockonome