XRP is riding the bullish wave, with its price surpassing several key resistance levels such as the $2.40 mark due to a resurgence in the broader market sentiment and engagement. The sudden bounce in the altcoin’s price coincides with growing investor activity, especially among big players.
Growing XRP Price And Whale Investors
After consolidating between $2 and $2.35 for the week, XRP has finally broken out of this price range. As the market turned bullish, the altcoin witnessed a surge to levels not seen since May, triggering hopes about the sustainability of the current upward move.
During the resurgence, Santiment, a leading market intelligence and on-chain data platform, reported that XRP’s market value has surpassed $2.39, reaching a seven-week high for the first time since May 23. The ascent to a multi-week top highlights the resilience of the token, which could lay the groundwork for a potential larger upward push in the coming weeks.
It is important to note that this sudden spike comes in light of growing whale wallets on the network. Thus, this renewed uptick in price might be propelled by the significant accumulation of the altcoin by large wallet addresses.
With the rising price and growing interest from large investors, the XRP ecosystem is being revitalized even though the overall market is still moving carefully. According to the on-chain platform, this advancement in interest is observed among wallet addresses holding at least 1 million XRP. A notable rise in the number of these key cohort signals strong conviction and demand in the institutional landscape.
Data from the platform shows that the number of wallet addresses holding 1 million XRP is currently at 2,742. Santiment noted that this figure is just one off from the all-time high of 2,743, which was recorded on Tuesday.
In addition, the platform highlighted that this group of investors has collectively accumulated over 47.32 billion XRP, valued at a whopping $114 billion at current prices. This growth is a sign that big investors are persistently displaying confidence in the altcoin’s future.
Past Trend Strengthening The Case Of A Major Upsurge
With key investors holding firm on their coins, the foundation may be subtly set for a big step forward. In an analysis posted on the X platform, Ripples, a commenter and crypto enthusiast, has offered a compelling trend that points to an impending major rally for XRP.
Ripples has aligned his forecast with a past trend that preceded a move to a new all-time high in 2017. The chart shows that the altcoin consolidated for 32 weeks before breaking out on the 33rd week.
According to the expert, the asset is repeating this trend, consolidating for over 32 weeks as seen in the 2017 cycle. Considering past results, the expert is confident that the altcoin is set to rally sharply, possibly creating a new all-time high.
Featured image from iStock, chart from Tradingview.com
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