Recent activity on the XRP market has caught attention, as whales have been aggressively accumulating large amounts of the cryptocurrency during a period of price decline. 120 million XRP were purchased by these investors in just one day, according to on-chain data from analyst Ali Martinez, while trading volumes also plummeted significantly. This accumulation comes despite the token shedding over $10 billion in market value following a sharp selloff this week.
This is not an isolated case. Whales had already purchased nearly 320 million XRP within the last three days, totaling an investment of roughly $1 billion, highlighting their confidence even amidst the price drop. This strategic buying has contributed to a total of 440 million XRP held by whales within a week.
Despite this recent pullback, XRP remains structurally strong with its fully diluted valuation at $309.75 billion.
While short-term volatility persists, long-term expectations for the token remain high. Analysis suggests that if prices hold above the crucial level of $2.74 and maintain a positive trend, XRP’s potential to rise significantly remains.
Several analysts have predicted a surge in XRP price. One prominent voice is VirtualBacon, who points out a clear uptrend since April with higher highs and higher lows. He has even identified possible swing levels at $3.80, $4.10, and $4.47 within the coming weeks.
However, some analysts remain cautious about XRP’s long-term prospects. Tony Severino predicted a price rise to $12.73 by early September. Meanwhile, Kenny Nguyen suggested a price range between $22 and $50 based on speculation surrounding a potential US spot ETF for XRP.
With this strategic accumulation from whales, along with ongoing developments related to XRP’s future in the market, it remains to be seen whether the token will achieve these ambitious price targets or if a more conservative approach is necessary.