A prominent cryptocurrency market analyst, Armando Pantoja, has suggested that XRP might be on the cusp of a significant breakthrough. His prediction is backed by compelling on-chain data that reflects a growing wave of interest and bullish activity surrounding the asset.
In an X post a few days ago, Pantoja reported the increasing accumulation of XRP. This heightened activity underscores rising optimism about the asset’s prospects, particularly as it gains traction.
Whale Accumulation on the Rise
One of the most striking developments highlighted by Pantoja is the massive accumulation of XRP by whale investors.
On-chain data reveals that whales acquired 453.3 million XRP—valued at an estimated $526 million—within a single week. This spike in whale purchases aligns with expectations of a significant price rally for the sixth-largest cryptocurrency by market capitalization.
$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
According to an earlier report, whale addresses holding between 1 million and 10 million XRP significantly boosted their holdings during the same period. Collectively, these whales now control approximately 18% of XRP’s circulating supply, marking a significant holding among large-scale investors.
Additionally, this accumulation has pushed the holdings of these mid-tier whales to a two-month high. Notably, this surge coincided with XRP’s breakthrough beyond $1.
Record-Breaking Holdings Among Larger Whales
Beyond mid-tier whales, Pantoja also highlighted an impressive increase in holdings among whales with even larger stakes—those owning 100,000 XRP or more. According to recent data, these high-volume addresses have now amassed a record 51.59 billion XRP, marking an all-time high for this group.
This milestone is particularly significant as it underscores the dominance of large investors in the XRP ecosystem. Collectively, these whales now control a staggering 85% of the asset’s circulating supply, a level not seen in nearly a year. Such concentrated ownership by high-net-worth investors often signals strong confidence in the asset’s long-term potential.
Lofty Price Predictions for XRP
The surging accumulation and on-chain activity have fueled ambitious price predictions for XRP. Analysts are increasingly optimistic, with market commentator Bobby A forecasting potential price targets of $3, $8, $11, and even $13 soon.
Meanwhile, Tony Severino, a Chartered Market Technician, has taken a more bullish stance. He predicted that XRP could experience a staggering 1,710% rally, pushing its price to an unprecedented $20. Severino bases his forecast on the asset entering the fifth wave of its Elliot Wave structure, a technical pattern often associated with sharp upward movements.
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Consolidation Amid Optimism
Despite the growing enthusiasm, XRP has recently entered a consolidation phase. After reaching its recent high of $1.26 on November 16, the token has seen a 10% pullback. This mild correction aligns with a broader market trend, as many cryptocurrencies undergo adjustments before their next significant movements.
In the past 24 hours, XRP has surged by 5%, trading at $1.14, with a total market capitalization of $65.6 billion. The recent developments, combined with sustained bullish sentiment, indicate that the asset is gearing up for a pivotal moment.
Should these trends persist, XRP could soon realize the ambitious price targets set by analysts, potentially cementing its position as a leading force in the cryptocurrency market.
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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