XRP Hits Yearly High as Whales Boost Holdings
– XRP reaches a yearly high, outperforming other cryptocurrencies.
– Large wallets holding more than 1 million XRP continue to accumulate.
– These wallets collectively hold 45.61 billion XRP, indicating positive market development.
– The price surge may have been triggered by the behaviour of “whales” and “sharks” (large investors).
– XRP could still be undervalued, presenting a potential buying opportunity.
XRP Reaches Yearly High – What’s Behind It?
In the last 24 hours, XRP, Ripple’s cryptocurrency, has outperformed all other major coins and reached a new yearly high. While many other cryptocurrencies, including Bitcoin (BTC), recorded losses, XRP rose by 15.3% to $0.80 USD. This development raises the question of what factors are driving this sudden increase.
Whales and Sharks Accumulating XRP
A look at data from Santiment reveals that large wallets holding at least 1 million XRP currently possess 45.61 billion XRP. This is the largest amount since June 2018. These “whales” and “sharks” have added 3.44 billion XRP over the past two years, representing an 8.16% increase. This trend suggests that large investors have growing confidence in the future of XRP.
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Positive Signals on Price Charts
The increasing accumulation by large investors is also reflected in the price charts. A key indicator, the MVRV Long/Short Difference, has risen from -2.7% to 1.21%. This shows that long-term investors are becoming more optimistic and are in a profitable position. Many of them continue to hold their positions, expecting further price gains.
Low NVT Value Suggests Undervaluation
Another important indicator, the NVT Ratio (Network Value to Transaction Volume), has dropped from 136.8 to 44.9 over the past week. This suggests that XRP’s blockchain is being used more actively, and investors are continuing to accumulate. A low NVT value can indicate that the coin is still undervalued, which could present a buying opportunity.
Where Could XRP’s Price Go?
With the current positive sentiment, XRP could soon face resistance at $0.85 USD. If this level is broken, the price could rise to $0.94 USD. However, this largely depends on further market development and the behaviour of large investors.
Our Assessment
The recent developments with XRP highlight how important the behaviour of large investors can be for price movements. The fact that whales and sharks are continuing to accumulate suggests confidence in XRP’s future. At the same time, technical indicators show that XRP may still be undervalued, offering a potential buying opportunity. However, investors should closely monitor market developments, as cryptocurrencies are generally volatile.
| Symbol | XRP |
| Coin type | Alt Coin |
| Transaction Speed | High |
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