XRP Price Set To Surge Amid Heightened Whale Accumulation
21 Oktober 2023 - 1:30PM
NEWSBTC
Things seem to be going well for XRP at the moment, and the
cryptocurrency appears to be well positioned to make gains in the
market. The price of XRP had an incredible rally yesterday as news
broke of the US Securities and Exchange Commission withdrawing its
case against Ripple Labs’ executives Brad Garlinghouse and Chris
Larsen. In addition to this, on-chain data has shown investors
accumulating XRP in anticipation of a continued bull run.
Related Reading: Stacks (STX) Rockets 26% Higher In A Single Week:
The Factors At Play Smart Money Holders Accumulating Rapidly XRP
jumped 10% in 24 hours in response to the SEC lawsuit news to reach
$0.53, despite most altcoins seeing little influx and most of the
attention going to Bitcoin. According to on-chain analytics
platform Santiment, this price jump can be attributed to many
medium and large scale investors accumulating XRP tokens. The
sharks and whales, also called the ‘smart money’ tier by Santiment,
started to accumulate after the news broke out to hold their
highest amount since July 27th. 🐳📈 #XRPLedger enjoyed its
first jump above $0.53 in 10 days despite most #altcoins continuing
to decline. The rise can largely be attributed to the ‘smart money’
tiers, holding between 10K to 10M $XRP, accumulating rapidly. They
hold 29.5% of the supply. https://t.co/KULxMtMGRL
pic.twitter.com/LTzFcrwG3f — Santiment (@santimentfeed) October 20,
2023 These set of traders hold between 10,000 to 10 million XRP
tokens in their wallet and own 29.5% of the total XRP supply. These
aren’t your typical whales that can increase or reduce buying
pressure with just one trade, but mass trading action like this
surely shows the general market sentiment. On the other hand,
on-chain whale tracker Whale_Alerts has shown sporadic whale
transfers to crypto exchanges during the week. On Thursday, October
19th, data from the whale tracker showed two XRP whale transfers
some hours before the SEC news. The first transfer was of
31,100,000 XRP worth $15,212,146 to crypto exchange Bitstamp. In
the second transfer, 32,300,000 XRP tokens worth $15,794,353 made
its way to Bitso. Coincidentally, the price of XRP fell from
$0.4878 to $0.4788 that same day. 🚨 31,100,000 #XRP
(15,212,146 USD) transferred from unknown wallet to
#Bitstamphttps://t.co/p9wr31zwJQ — Whale Alert (@whale_alert)
October 19, 2023 XRP market cap currently at $27.6 billion. Chart:
TradingView.com 🚨 32,300,000 #XRP (15,794,353 USD) transferred from
unknown wallet to #Bitsohttps://t.co/AGmGVVnJNC — Whale Alert
(@whale_alert) October 19, 2023 What’s Next For XRP – Potential
Impact? XRP has since pulled back some gains from the XRP news and
is now trading at $0.517. However, on-chain data points to a more
bullish sentiment than bearish as interest in XRP is now at a high
level. During this period of accumulation, XRP’s dominance on
social media also reached its second highest this month. Related
Reading: Bulls Thrust Solana To $25 – What Traders Should Expect
Next We could see XRP reach as high as $1 in the short term if the
‘smart money’ tier traders continue the buying spree, and whales
start to join the accumulation. Data from Santiment also shows XRP
holders are at a constant rise and this measure is now at 4.81
million wallet addresses. XRP is currently approaching a critical
threshold that has previously caused parabolic price spikes.
Larsen, one of the co-founders of Ripple, has criticized the SEC
after the agency dropped its lawsuit against the company’s
founders. Bitcoin, on the other hand, has led the crypto market in
gains this week. Bitcoin’s price is up by 10.57% as it edges close
to $30,000. Featured image from The Daily Hodl
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