Armando Pantoja, a prominent cryptocurrency expert, recently revealed that XRP whales have purchased 453.3 million tokens, valued at approximately $526 million, within a week.
This marks the largest accumulation of XRP by major investors in nearly three years and has sparked speculation within the cryptocurrency community about a potential major price movement.
While Pantoja initially claimed that this purchase represented 18% of XRP’s supply, clarification in the comments suggested that he was referring to the supply available on cryptocurrency exchanges rather than the total supply of 100 billion tokens or the circulating supply of 56.9 billion tokens. Regardless, the scale of this acquisition shows the confidence whales have in XRP.
$XRP whales quietly bought 453.3M tokens, $526M in a week—18% of the supply.
The most accumulation by whales in almost 3 years.
They know what most refuse to accept…something big is coming #XRP pic.twitter.com/bLrGMrd6fc
— Armando Pantoja (@_TallGuyTycoon) November 18, 2024
Reasons for Optimism Surrounding XRP
XRP recently broke above the $1 threshold for the first time since 2021, an achievement that has reinvigorated excitement among investors and the broader community. This milestone coincides with growing optimism surrounding key developments in the cryptocurrency market.
The prospect of an XRP ETF approval in the U.S. has generated bullish sentiment across the crypto landscape, as multiple major players in the finance world have filed for XRP ETFs.
Additionally, speculation regarding the potential departure of Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC) has been welcomed by XRP supporters, given the SEC’s legal battle with Ripple. His recent hint at a resignation caused XRP to climb 20% and the digital asset could do significantly more once he leaves.
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Whale Activity as a Bullish Signal
The accumulation of XRP by whales often serves as a bullish indicator. Their significant purchases reduce the available supply of the asset on exchanges, potentially driving up demand and price. According to Pantoja, “They know what most refuse to accept…something big is coming.”
This buying spree indicates confidence among these investors in XRP’s potential for further gains. Historically, whale activity has been linked to positive market trends, with their movements serving as precursors to major price shifts.
The recent whale activity and price milestone are occurring against a major regulatory shift backdrop and competition within the cryptocurrency market. However, XRP’s utility as a bridge currency for cross-border payments and its loyal community of supporters provide a solid foundation for its continued growth.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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