Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
XRP Market Surge: Nearly $1 Billion Snapped Up by Whales in One Week

XRP Market Surge: Nearly $1 Billion Snapped Up by Whales in One Week

BeInCryptoBeInCrypto2024/11/20 01:00
By:Aaryamann Shrivastava

XRP reaches a 3-year high, driven by whale activity and LTH confidence. Breaching $1.14 resistance is key for continued growth.

XRP has captured significant attention following its recent rally, which brought the altcoin to a 3-year high earlier this week.

Despite struggling to breach the $1.14 resistance, investor confidence remains high, providing much-needed support for further upward momentum.

XRP Whales Are Key

Whale addresses have shown strong conviction in XRP, accumulating nearly 900 million tokens over the past seven days. This influx, valued at approximately $1 billion, highlights the renewed interest from large wallet holders. Their activity has been instrumental in driving XRP’s recent 122% price surge, further reinforcing market confidence.

The whales’ accumulation trend suggests long-term bullish sentiment, aligning with XRP’s steady rise. This behavior also serves as a stabilizing factor, preventing abrupt price declines. As whales increase their holdings, XRP gains the backing needed to continue its upward trajectory.

XRP Market Surge: Nearly $1 Billion Snapped Up by Whales in One Week image 0XRP Whale Addresses. Source:  Santiment

Moreover, the age consumed metric for XRP shows no major spikes, which indicates long-term holders (LTHs) are refraining from moving their holdings. Typically, significant spikes in this metric imply profit-taking activity, which can negatively impact prices. The lack of such movements suggests that LTHs are confident about XRP’s future potential.

This stability among LTHs reinforces a bullish outlook for XRP. By holding onto their assets, these investors are signaling the belief they hold in sustained price increases, further solidifying the support level at $1.00. This conviction creates a favorable environment for the altcoin’s continued rally.

XRP Market Surge: Nearly $1 Billion Snapped Up by Whales in One Week image 1XRP Age Consumed. Source:  Santiment

XRP Price Prediction: Breaching Barriers

XRP’s price surged by 122% during the recent rally, but the altcoin remains trapped below the critical $1.14 resistance. Breaching this barrier is essential for XRP to continue its upward momentum and secure higher price levels.

If the bullish factors remain intact, XRP could rise past $1.14, paving the way for a move toward $1.28 and beyond. However, this depends on sustained whale activity and LTH conviction supporting the altcoin.

XRP Market Surge: Nearly $1 Billion Snapped Up by Whales in One Week image 2XRP Price Analysis. Source:  TradingView

Conversely, losing the support level at $0.99 would invalidate the bullish thesis. A drop below $1.00 could lead to a decline toward $0.87, pulling XRP further away from its recent highs.

0
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

With retail investors leaving, what will drive the next bull market?

Bitcoin has recently plummeted by 28.57%, leading to market panic and a liquidity crunch. However, long-term structural positives are converging, including expectations of Federal Reserve rate cuts and SEC regulatory reforms. The market currently faces a contradiction between short-term pressures and long-term benefits. Summary generated by Mars AI. The accuracy and completeness of this summary are still being iteratively improved.

MarsBit2025/12/09 22:59
With retail investors leaving, what will drive the next bull market?

Tether's "son" STABLE crashes? Plunges 60% on first day, whale front-running and no CEX listing spark trust panic

The Stable public blockchain has launched its mainnet. As a project associated with Tether, it has attracted significant attention but performed poorly in the market, with its price plummeting by 60% and facing a crisis of confidence. It is also confronted with fierce competition and challenges related to its tokenomics. Summary generated by Mars AI. The accuracy and completeness of the content are still being iteratively updated.

MarsBit2025/12/09 22:59
Tether's "son" STABLE crashes? Plunges 60% on first day, whale front-running and no CEX listing spark trust panic

From "Crime Cycle" to Value Reversion: Four Major Opportunities for the Crypto Market in 2026

We are undergoing a “purification” that the market needs, which will make the crypto ecosystem better than ever before, potentially improving it tenfold.

深潮2025/12/09 21:49
From "Crime Cycle" to Value Reversion: Four Major Opportunities for the Crypto Market in 2026
© 2025 Bitget