XRP whales are deviating from the norm with significant activity against a backdrop of lackluster price trends for the cryptocurrency. A notable increase in XRP purchases has attracted the attention of the crypto community, as large investors bought $228 million in the digital asset within a few days. This surge in buying interest coincides with the launch of the Grayscale XRP Trust and a promising price forecast suggesting XRP could reach $5 in the next six to ten months.
Increased Whale Accumulation Amidst Bullish Outlooks
The recent whale activity surrounding XRP was highlighted by the cryptocurrency’s supply distribution on the social platform X by Ali Martinez. According to a Santiment chart shared by the analyst, wallets containing 10 million to 100 million XRP tokens have recently surged their total balance to a peak of 7.17 billion XRP as they acquired approximately $288 million worth of tokens in just ten days.
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Based on the average price of XRP during this timeframe, this implies that this group of major holders has acquired around 390 million tokens, which accounts for roughly 6.9% of the total circulating supply being consolidated among a select few investors.
While the overall balance of these whales dropped to about 7.11 billion XRP at the time of Martinez’s update, recent indicators suggest ongoing accumulation trends in the near future. One such factor is the launch of the Grayscale XRP Trust, which appears to be drawing interest from institutional players.
Despite the increase in whale activity, XRP has not followed the price surges seen in other major cryptocurrencies after a favorable U.S. Federal Reserve decision. The Fed’s 0.5% interest rate cut has sparked greater investments in the cryptocurrency market, boosting prices for assets like Bitcoin and Ethereum significantly. In contrast, XRP has struggled to surpass the $0.60 level, even with the heightened whale activities.
Crypto analyst Ash Crypto has forecasted that the altcoin could hit $5 within the next six to ten months. This prediction is consistent with a general optimism in the crypto market, with several assets showing upward trends as the ramifications of the Federal Reserve’s policy adjustments continue to unfold.
XRP $5 Forecast
According to Ash Crypto’s recent analysis, XRP could achieve a price increase between 300% and 740% in the ongoing market cycle. This potential surge could elevate the altcoin to a price target ranging from $3 to $5. Notably, this analysis is grounded not in technical indicators but in fundamental factors and a projected upswing in the broader crypto market. Consequently, Ash Crypto also estimates that Bitcoin could trade between $150,000 and $250,000, with Ethereum reaching between $10,000 and $15,000 within the next six to ten months.
At the time of writing, XRP is priced at $0.5828.
Featured image created with Dall.E, chart from Tradingview.com
