In the last 16 months, XRP whales have significantly increased their holdings, amassing an impressive 3.17 billion tokens. According to a recent report by market intelligence platform Santiment, this accumulation has considerably boosted network activity and hinted at a potential market breakout.
Santiment’s analysis, which includes Bitcoin, Ethereum, XRP, and Chainlink, reveals strategic asset procurement by large-scale holders, commonly referred to as whales and sharks. Notably, XRP stands out in this report due to the considerable movement by wallets holding more than 10 million XRP, each valued at over $5.1 million.
Significant Accumulation Despite Legal Challenges
These entities have aggressively increased their stakes, adding approximately 3.17 billion XRP to their reserves after reaching a low in their holdings 16 months ago. This surge in accumulation is remarkable, especially given the sustained market pressures from XRPâs legal battles with the U.S. Securities and Exchange Commission (SEC).
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Despite the Ripple lawsuit causing significant price volatilityânearly reaching $2 in 2021 before a prolonged downturnâthe whalesâ continued accumulation reflects strong confidence in XRP’s potential. Supporting these findings, Messari reported substantial growth in XRP network activity metrics during the first quarter of this year.
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The number of active addresses interacting with the XRP network increased by 37%, while transaction volume surged by 113% quarter-over-quarter. These enhanced activity levels indicate a growing interest and engagement with the XRP Ledger.
Optimistic Outlook For XRP
Amid these accumulation trends, a report from The Crypto Basic forecasts a developing bullish sentiment for XRP. Analyst World of Charts highlighted a notable technical formation, revealing that XRP has developed a textbook symmetrical triangle pattern. This chart formation often suggests a possible breakout. Should this breakout occur, the report suggests a price target in the $4 to $5 range, indicating a potential increase of up to 453%.
The sustained accumulation by XRP whales, growing network activity, and bullish technical indicators create an optimistic outlook for XRP. With the cryptocurrency markets hinting at another potential breakout early this week, all eyes are on XRP to see how these trends unfold.
