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XRP whales are bucking the trend with noticeable moves amid a broader backdrop of uninspiring price moves for the cryptocurrency. A recent surge in XRP purchases has caught the attention of the crypto community as large-scale investors acquired $228 million worth of digital assets in just a few days. Interestingly enough, this noticeable spike in purchases comes on the heels of the launching the Grayscale XRP Trust and a optimistic price forecast potentially causing XRP to reach $5 in the next six to ten months.
Whale accumulation increases amid bullish forecasts
This exciting movement of XRP whales was revealed by the supply distribution of the crypto on the social media platform X by Ali Martinez. According to the Santiment chart shared by the crypto analyst, wallets holding 10 million to 100 million XRP tokens recently pushed their total balances to a peak of 7.17 billion XRP in September after selling for around $288 in ten days million worth of XRP tokens.
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Based on the average price of the altcoin during this period, this amounts to the acquisition of approximately 390 million tokens by this group of large holders, representing approximately 6.9% of the total circulating supply ending up in the hands of a few key players .
Although the whales’ total balance had fallen to approximately 7.11 billion XRP at the time of Martinez’s post, recent developments point to continued accumulation in the coming days. One of these developments is the recent launch of the Grayscale XRP Trust, which already appears to be attracting institutional investors to the token.
However, despite this increase in whale activity, XRP has not reflected the price increases in other major cryptocurrencies after a favorable decision by the US Federal Reserve. The Federal Reserve’s 0.5% interest rate cut has fueled broader inflows into the cryptocurrency market. assets such as Bitcoin And Ethereum to remarkable gains. The price, on the other hand, is had trouble breaking out of it the $0.60 limit even with increased whale activity.
Crypto analyst Ash Crypto predicted that the altcoin could reach $5 in the next six to ten months. This prediction fits with a broader backdrop of optimism within the crypto space, with multiple assets experiencing upward momentum as the effects of the Federal Reserve’s policy changes continue to ripple through the markets.
XRP $5 prediction
According to a recent view from Ash Crypto, XRP is on track to post a 300% to 740% increase in the current market cycle. Such a rally puts the altcoin at a price target between $3 and $5. It is striking that the crypto analyst’s prospects are not based on a technical analysis, but on fundamentals and a predicted rally in the overall crypto market. As such, Ash Crypto’s outlook also predicts Bitcoin to trade between $150,000 and $250,000 and Ethereum between $10,000 and $15,000 over the next six to ten months.
At the time of writing, XRP is trading at $0.5828.
Featured image created with Dall.E, chart from Tradingview.com
