In recent developments, on-chain analyst Kriptolik has observed a significant surge in whale activity concerning XRP. This increased interest is unparalleled since XRP’s inception, marking a pivotal moment as whales now regard XRP as a valuable asset. The heightened whale activity hints at XRP’s growing acceptance and value within the crypto community.
XRP Surpasses Previous Highs
Recently, XRP has reached a multi-year peak of $2.79, catapulting its market capitalization beyond $130 billion. This impressive rally has allowed XRP to surpass popular cryptocurrencies such as Solana (SOL), BNB, and Dogecoin (DOGE). Consequently, XRP has claimed the position of the third-largest cryptocurrency by market cap, boasting a valuation of $154 billion, overtaking Tether’s $134 billion.
Rally Driven By Whales!
Crypto analysts attribute XRP’s recent surge primarily to whale activity, which has sparked a wave of enthusiasm and fear of missing out among retail investors. CryptoQuant CEO Ki Young Ju emphasized the role of Coinbase whales in this rally. Over the past 30 days, a price premium of 3% to 13% on XRP has been observed on Coinbase, while Upbit—a Korean exchange with a substantial number of XRP investors—has not shown a similar premium.
Supporting this observation, Santiment, a prominent analytics firm, reported that wallets holding between 1 million and 10 million XRP have accumulated an additional 671 million coins, valued at $1.66 billion, within just three weeks. This accumulation coincides with XRP’s price skyrocketing to $2.49, the highest since January 2018. Furthermore, the total number of active XRP wallets has reached an all-time high of 5.5 million, suggesting increased participation from retail investors.
RLUSD Around The Corner?
According to Fox Business, Ripple is gearing up for a potential launch on December 4, which could introduce RLUSD as a formidable competitor to established stablecoins like USDC and USDT. The introduction of RLUSD would provide a stable alternative to XRP holders, offering the benefits of digital assets without the associated price volatility.
Analysts Bullish on XRP
While XRP’s current value stands at $2.68, it remains approximately 30% below its all-time high of $3.84, achieved in January 2018. Noteworthy crypto analyst Dark Defender has identified a Fibonacci-based target of $5.85, marking it as a significant milestone. Dark Defender highlights critical support levels at $1.88 and $2.13 as potential safety nets, with a long-term target of $18.22, showcasing his optimistic outlook.
Raoul Pal, CEO of Real Vision, also shared his positive perspective on XRP’s potential growth. Noting the promising chart patterns, he emphasized the possibility of substantial upward movement, reminiscent of past price surges.
