XRP News: Ripple Whales Bag $526M Coins As XRP Eyes Rally To $7.5
In the latest XRP news, Ripple Whales appears to be on a buying spree, sparking optimism in the broader crypto market. Notably, this comes amid growing interest in the cryptocurrencies issued by US firms, which include ADA, XRP, SOL, and others. Besides, the market experts also provided a bullish forecast for Ripple’s native crypto amid soaring market optimism and investors’ interest, hinting at XRP’s potential rally to $7.5 next.
XRP News: Ripple Whales Sparking Optimism With Massive Accumulation
Investors are keeping a close track of the XRP news and updates amid the soaring price of the crypto. Notably, the crypto has hit its highest level recently since 2021, crossing the brief $1 mark, sparking market optimism.
Amid this, a flurry of reports indicates that XRP whales are on a buying spree which has fueled the market optimism. Besides, a recent Santiment report showed that the rally comes with backing from whale and shark wallets that hold between 1 million and 100 million tokens. The report showed that this group has accumulated a total of over 453.3 million tokens, worth around $526.3 million, in the last week alone.
However, the report also noted that the coins that they are accumulating are primarily from the investors who are dumping. For context, wallets with less than 1 million XRP dumped 75.7 million tokens, worth $87.9 million, last week.
Source: Santiment, X
This report showcases the growing confidence of the market participants towards crypto. Besides, Donald Trump’s election win and the recent optimistic comments from CEO Brad Garlinghouse hint at further rallies ahead for the crypto.
Will Ripple’s Native Crypto Hit The $7.5 Mark?
As the market optimism soars with the latest XRP news catching the eyes of investors, analysts remain optimistic about further gains for the crypto ahead. XRP price today also continued its rally today, soaring more than 7%, and exchanged hands at $1.16. The crypto has touched a 24-hour high of $1.18 while noting a weekly gain of nearly 96%.
Furthermore, CoinGlass data showed that XRP Futures Open Interest soared more than 10% today, indicating strong investors’ confidence in the crypto. Amid this, popular crypto market analyst EGRAG CRYPTO said that the crypto is poised to hit $7.5 in the coming days.
Source: EGRAG CRYPTO, X
The analyst said that XRP is likely gearing up for a “MEGA move” while noting that the crypto could target the critical $7.5 level in 2025 if it holds above the $1.5 mark. Besides, a recent XRP price analysis also hints that Ripple’s native crypto is eyeing a rally towards $3 next.
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Filed under: News - @ November 18, 2024 4:25 pm