Ripple’s XRP Whales Earn 380 Million Coins as Community Relies on Huge $27 XRP Price
XRP remained lower on Friday, even as other crypto assets surged, led by Bitcoin’s impressive 9% rally over the past week. At the time of writing, the seventh-largest crypto asset by market cap was trading at $0.58, reflecting a modest gain of just 4% over the same time frame.
However, beneath this calm surface, significant activity among XRP whales suggests that important developments may be in the making.
In a tweet, popular cryptocurrency analyst Ali Martinez highlighted that in the past 10 days, Ripple whales have accumulated over 380 million XRP, worth an approximate $228 million, according to data from analytics platform Santiment.
Notably, this surge in whale activity comes after other large transactions earlier this month, including the transfer of 105 million XRP between unknown wallets, worth $58.2 million.
Additionally, Whale Alert recently reported a massive transfer of nearly 200 million XRP in two transactions between unknown wallets. The first transfer saw 100 million tokens, followed by another 94.33 million XRP worth roughly $53.66 million just 10 hours later.
It is worth noting that such whale transfers are often interpreted as bullish indicators, indicating that these investors are moving coins into long-term storage, which is good for the price.
However, the recent surge in whale activity appears to be tied to broader regulatory shifts, particularly the potential outcome of the XRP lawsuit. On September 14, the U.S. Securities and Exchange Commission (SEC) clarified its position on the classification of cryptocurrencies, stating that it evaluates the full range of contracts and prospects related to asset sales rather than classifying specific tokens as securities. The clarification sparked debate in the XRP community, with some interpreting it as a positive sign for the crypto asset.
Technical analysts are also bullish. Analyst Jay Dee highlighted a six-and-a-half-year-old symmetrical triangle pattern on the XRP price chart, suggesting a potential breakout could be on the horizon. He noted that the Bollinger Bands have narrowed significantly, indicating a period of consolidation that often precedes big price moves, just as they did before the massive bull runs of 2017 and 2021.
“The last time the stock was this thin, it went up 650 times!” he wrote, setting his target at $7.
Elsewhere, analyst Egrag Crypto forecast a potential rally to $27-$33 based on Elliott wave analysis. He asserted that XRP’s trajectory could outpace Bitcoin and Ethereum in the upcoming market cycle, making it a pivotal point for investors.
