XRP Price Rises 35% While Whales Accumulate $288 Million in Holdings
The price of XRP increased by 35% last week, reflecting positive trends in the overall cryptocurrency market. Recent developments indicate a sustained bullish outlook for XRP.
Whales Accumulate $288 Million XRP As Price Slides To $2.22
On December 7, crypto expert Ali Martinez reported that XRP whales began accumulating during a recent price dip. Despite a significant performance increase of over 350% since the US elections, XRP experienced a 23% decline from $2.90 to $2.22 between December 3 and December 6.
During this timeframe, wallets holding between 1 million and 10 million XRP acquired over 120 million XRP valued at $288 million, increasing their holdings to $4.7 billion. Such large purchases typically signify confidence in an asset’s long-term profitability and are often viewed as bullish signals. Following this activity, XRP saw an 18% price gain, rising to $2.60 within 48 hours.
Ali Martinez projected a target of $4.34 for XRP, suggesting it may be a favorable profit-taking zone for traders. However, he indicated that any unexpected price drop could bring XRP back to around $2.23, which he identifies as a key support area.
XRPL Active On-Chain Addresses Surpass 100,000
The number of active addresses on the XRP Ledger (XRPL) has recently surpassed 100,000, marking a notable increase. According to CryptoQuant analyst Wenry, exchange transfers dominated XRPL transaction volume until Q3 2024, but on-chain XRP transactions have now overtaken exchange inflows.
This change is attributed to improvements in XRPL's DeFi infrastructure, attracting decentralized protocols similar to Uniswap and Maker. Additionally, advancements in layer 2 solutions for XRPL aim to enhance scalability, interoperability, and functionality, with projects like The Root Network and XRPL Hooks leading these efforts.
Currently, XRP trades at $2.57 after a 3.94% gain in the past day. Daily trading volume is down by 13.70%, totaling $12.03 billion. XRP ranks as the third largest cryptocurrency with a market cap of $147.98 billion.
