In the cryptocurrency market, XRP has been making significant strides. Over the past five weeks, the number of wallets holding 10,000 XRP or more has increased sharply, reaching a total of 279,400 addresses. This surge marks a return to levels not seen in six months. On-chain data suggests that larger investors, often referred to as sharks and whales, are increasingly interested in XRP.
Throughout 2024, a clear correlation has emerged between the performance of the XRP market and the presence of high-value wallets. As more sizable wallets accumulate XRP, the market value tends to rise, creating a positive feedback loop that drives prices higher.
XRP/USDT Chart Source: TradingView
Recent Market Movements
In the last 48 hours, XRP has made significant progress, reaching $0.64. This price point represents XRP’s highest value since March 2024, indicating a strong upward trend. The recent price increase underscores the growing demand and favorable perception of XRP in the market.
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The recent increase in large wallet addresses, coupled with the price rise, bodes well for XRP’s future. A growing number of high-value wallets signals that major stakeholders are betting on XRP’s sustained growth. This increased demand from substantial holders may provide a solid foundation for future price increases.
Technical Analysis Supports Uptrend
Technical analysis also supports this optimistic forecast. XRP has been struggling to surpass a crucial resistance level at $0.64 in recent months. Now that this milestone has been reached, the path to even more upward momentum and a potential long-term trend reversal becomes clearer.
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Overcoming this resistance level could pave the way for XRP to reach new heights, fulfilling the market’s bullish expectations.
The surge in XRP whale activity, recent price gains, and technical analysis all point towards a promising future for XRP. As major investors continue to accumulate XRP, the cryptocurrency is likely to experience further growth and stability, reinforcing its position in the market.
