- XRP whales have accumulated 380 million XRP over the past ten days, driving a recent price increase.
- Analysts predict a bullish surge for XRP, with whales continuing to buy as the price rises.
Recent on-chain data reveals a significant accumulation of XRP by large investors, commonly referred to as whales. These entities, which are between 10 million and 100 million XRP, have increased their balance over the past ten days, which may indicate that the bulls are gearing up for a comeback.
Whale Activity Pushes XRP Price Higher
Santiment’s Supply Distribution metric shows that XRP whales have accumulated 380 million XRP or $223 million in total. This accumulation spree began when XRP was trading at $0.53, which shows that these high-net-worth investors thought that the price at which the asset was being sold was a good one to buy.
#Ripple whales bought over 380 million $XRP in the past 10 days, worth around $228 million! pic.twitter.com/Fs9ayiHITA
— Ali (@ali_charts) September 19, 2024
In the past, whale activities have often determined the direction of a particular cryptocurrency’s price. This is because the behavior of these buyers and sellers is more likely to cause waves in the market owing to the fact that they command a large measure of market share. In this instance, whales loaded up on XRP prior to a 10% price increase, thus supporting the notion that their activities can lead to an uptick in prices.
XRP whales have not demonstrated any intention of stopping their purchasing spree as the price of XRP climbs. This ongoing accumulation indicates that these major investors expect further price appreciation, which in turn increases the chances of a further rally in the near future.
This is not the first time whale behavior has had a positive impact on the price of XRP. An identical accumulation at the beginning of August also played an important role in the price increase. While whales continue to buy, it is still probable that cryptocurrency will keep its growth trend going.
Analyst Predicts Bullish Surge Based on Market Patterns
At the time of writing, XRP is trading at approximately $0.585, marking a nearly 2% increase over the last week. Market analyst EGRAG has recently released a bullish outlook on XRP as the token may be set to rally based on the principles of Elliott Wave Theory and Fibonacci retracement levels. According to EGRAG, XRP may rise to double digits and could even surpass that in the long term.
#XRP Double-Digits Target: $27 – $33 🚀
Let’s break down Wave 5️⃣: Typically, Wave 5 spans between 1.236 – 1.618% of Wave 4️⃣, matches Wave 1️⃣, or reaches 61.8% of the combined length of Waves 1️⃣ and 3️⃣. All these scenarios push us well BEYOND Fib 3️⃣! 💥
In comparison with #BTC… pic.twitter.com/zXmOd7R010
— EGRAG CRYPTO (@egragcrypto) September 20, 2024
EGRAG’s prediction focuses on the potential development of Wave 5, a concept from the Elliott Wave Theory. As per the theory, Wave 5 is usually between 1.236 and 1.618 times the size of Wave 4. Alternatively, it can be of the same size as Wave 1 or cover 61.8% of the total distance of Waves 1 and 3. In each of the instances, the price targets stand above Fibonacci level 3, suggesting that the upward trend for XRP is likely to be robust.
To support this view, the market analyst shared a chart depicting XRP’s performance over the past three months. This chart depicts the price of the XRP token through the conventional Elliott Wave pattern from Wave 1 to Wave 4 and offers an estimation of the size that Wave 5 could take. According to the Fibonacci levels, EGRAG expects XRP to rise above $33 and reach Fibonacci level 3.
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