Ripple’s cryptocurrency, XRP, has recently gained traction among prominent market players. Major investors, often referred to as whales, have been seizing the moment following a dip in prices, leading to substantial purchases of millions of XRP. This surge in whale activity has raised hopes that XRP could potentially target a long-term price of $20.
Whales Acquired 250 Million XRP Last Weekend
On-chain analysis from Santiment indicates that these whales acquired an impressive 250 million XRP during the past weekend. This strategic purchase followed a 10% decline in the asset’s value. Noted market expert Ali Martinez commented that such large transactions signify the whales’ bullish outlook on XRP’s future.
Are XRP Futures Seeing Unprecedented Activity?
Indeed, the open positions in XRP futures have reached record highs, surpassing $2.5 billion. This surge is linked to trading on major platforms like Binance and Bybit, suggesting a strong potential for price growth. With XRP currently trading at $1.51, representing a 4% increase in recent hours, market sentiment remains optimistic.
Key Takeaways:
- Whales have purchased 250 million XRP, reflecting confidence in its long-term value.
- Open positions in XRP futures are at an all-time high of $2.5 billion.
- Recent trading indicates a 4% increase in XRP’s price, demonstrating consistent investor interest.
The recent surge in acquisitions by Ripple whales and the robust activity in the futures market are pivotal for XRP’s price prospects. If the market remains buoyant, there is a strong possibility for XRP to test new price milestones ahead.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/whales-boost-xrp-value-with-massive-acquisitions