XRP Whales Gobble Up $228 Million: Is $5 Price Target in Sight?
XRP Whales Make a Splash Amidst Bullish Sentiment
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While the broader cryptocurrency market experiences a lull, XRP whales are stirring the waters with significant acquisitions. In just a few days, large-scale investors snapped up $228 million worth of XRP, catching the attention of the crypto community. This surge in buying coincides with the launch of the Grayscale XRP Trust and an optimistic price prediction that sees XRP potentially reaching $5 in the next six to ten months.
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Ali Martinez, a crypto analyst, revealed this whale activity through the XRP supply distribution on X (formerly Twitter). According to a Santiment chart shared by Martinez, wallets holding between 10 million and 100 million XRP tokens boosted their total balance to a September peak of 7.17 billion XRP after adding around $288 million worth of XRP tokens in ten days. This equates to approximately 390 million tokens acquired by these large holders, representing a significant portion of the total circulating supply.
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Although the total balance of the whales had dipped slightly at the time of Martinez’s post, recent developments suggest continued accumulation in the coming days. The recent launch of the Grayscale XRP Trust is attracting institutional investors, further fueling the surge in XRP holdings.
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XRP Lags Behind in Price Action Despite Whale Activity
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Despite the noticeable whale activity, XRP has yet to mirror the price jumps seen in other major cryptocurrencies following a positive U.S. Federal Reserve decision. The Federal Reserve’s 0.5% interest rate cut has sparked a broader inflow into the cryptocurrency market, propelling assets like Bitcoin and Ethereum to impressive gains. However, XRP has struggled to break above the $0.60 mark, even with heightened whale activity.
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$5 Price Target: A Bold Prediction?
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Crypto analyst Ash Crypto has boldly predicted that XRP could hit $5 in the next six to ten months. This forecast aligns with a broader wave of optimism within the crypto space, with multiple assets experiencing upward momentum. Ash Crypto’s outlook is not based on technical analysis but on fundamental factors and a predicted rally in the overall crypto market. This outlook also forecasts Bitcoin trading between $150,000 and $250,000 and Ethereum trading between $10,000 and $15,000 in the same timeframe.
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Only time will tell if Ash Crypto’s prediction will come to fruition. However, the recent surge in XRP whale activity and the optimistic outlook within the crypto market suggest that XRP could be poised for a significant price surge in the coming months.