Wallets Containing More Than 10,000 Coins Surpass 300,000 Mark
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The financial landscape exhibits a shift towards strategic investments among larger holders.
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Currently, a significant accumulation trend is being observed for XRP, with major investors actively strengthening their holdings. This presents a favorable scenario for the altcoin, which may break free from its existing range following this phase of accumulation.
XRP Accumulation by Large Holders
A crypto analyst indicated that more than 300,000 addresses now possess 10,000 XRP, suggesting a rising sense of confidence among larger stakeholders. The analyst posited that a strategic accumulation phase seems to be emerging, hinting at potential major movements within the XRP ecosystem.
Related Insights
This major development could correlate with an XRP ETF launch or the resolution of the Ripple SEC lawsuit. Analysts believe there is a high probability of the ETF receiving SEC approval this year, potentially igniting a rise in the token’s value due to increased investment in its ecosystem.
Additionally, the outcome of the Ripple SEC lawsuit would significantly impact the XRP landscape, as both parties have reached a preliminary agreement. However, a judicial ruling on the agreement is still pending before the lawsuit can be fully considered resolved. The conclusion of this legal matter could bring clarity and lead to a substantial price increase.
Another analyst confirmed the ongoing accumulation among major holders, noting that wallets with balances between 10 million and 100 million XRP have collectively purchased around 900 million XRP in the last month. This trend has shifted trader sentiment to a bullish outlook for the asset.
Furthermore, he pointed out that 71.54% of traders engaging in XRP positions on Binance futures are showing a bullish inclination.
Future Prospects for the Altcoin
A renowned analyst provided insights regarding the recent price behavior of XRP, indicating it encountered resistance between $2.2 and $2.36, subsequently retreating to $2.13. He suggested that the altcoin is positioned to finalize its correction and may be approaching its concluding phase.
Related Insights
The analyst anticipates a forthcoming surge characterized by five distinct waves. He foresees that the first wave may propel XRP towards $3, followed by progression to $4.4 and $6.3 during Waves 3 and 5, respectively. A rise to $4.4 would represent a new all-time high (ATH) for the token. He also indicated that $1.88 serves as a critical support level to monitor.
Currently, XRP is trading at approximately $2.12, reflecting a 2% decrease over the past 24 hours, based on the latest market data.
Featured image from a stock photo source, chart from a trading platform
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