Amid positive predictions for the price of the XRP Ledger (XRP) token in the next few months, the cryptocurrency market’s largest traders seem to be doing their part to help its recovery, evident in the massive surge in the number of crypto wallets holding at least 10,000 XRP.
Indeed, the number of wallets holding 10,000 XRP or more has skyrocketed in the past five weeks, reaching the number of 279,400 such addresses, which also marks a six-month high, according to the data shared by blockchain and crypto market intelligence platform Santiment in an X post on July 31.
Furthermore, the Santiment team has observed that the “correlation between these wallets and XRP’s market value has been undeniable throughout 2024,” suggesting that the rise in the number of shark and whale XRP addresses is a bullish signal for the crypto asset in line with analysts’ expectations.
XRP price analysis
Indeed, the sixth-largest asset in the crypto sector by market capitalization is already witnessing remarkable price gains, including advancing 7.58% in the last 24 hours, accumulating an advance of 7.17% across the previous seven days, and increasing 34.65% over the past month, leading to the price of $0.65.
It is also worth noting that crypto trading expert Dark Defender has recently suggested that XRP’s technical analysis (TA) indicators point to a potential breakout that could culminate with the token hitting an exceptionally high price level at $18 in the following months.
All things considered, XRP whales are demonstrating confidence in the token, which could certainly continue to grow its price, perhaps even to the extremely optimistic $18 target, especially if the Ripple vs. SEC court case finalizes positively for the blockchain company.
However, things in the crypto market do not necessarily stay as predicted, even by the industry’s most experienced analysts, so doing one’s own due diligence, keeping up with any XRP news today and in the future, as well as understanding all the risks is critical when investing.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
