XRP Breaks Six Month High as Whales Accumulate Over 470 Million Tokens

XRP has surged to a six-month peak as whale accumulation spikes, with analysts predicting bullish trends and long-term potential.

Starting on September 27, XRP experienced a notable upward trend that marked a shift from its earlier lackluster price momentum. Initially fluctuating between $0.57 and $0.61 for most of September, the cryptocurrency surged towards the end of the month, ultimately trading above $0.66 on Sunday evening.

This marks the first time XRP has reached this price level since March. Recent data indicate that this sudden price increase follows heightened whale accumulation.

Whales Load 470M XRP

A recent chart shared by Ali Martinez highlights that XRP holdings by large investors—specifically those holding between 100 million and 1 billion tokens—remained relatively stable throughout early to mid-September.

However, toward the end of the month, a significant increase in whale holdings emerged as these high-net-worth investors strategically accumulated XRP. Specifically, these whales have amassed over 470 million XRP over the last ten days. This surge in whale activity coincides with the upward price movement of XRP.

As this accumulation trend persists, some market analysts foresee further growth potential for XRP in the near future.

Significant Long-Term Potential

Market observers closely monitor XRP’s recent price action, with analysts offering bullish projections. For example, Quincy Jones, a developer associated with the XDC Foundation, has highlighted XRP’s unique role as a tool for liquidity between assets such as bonds, stocks, and currencies.

He emphasized that XRP’s value is closely linked to the volume of equity and debt instruments supported by its network. According to Jones, as financial products issued on its blockchain grow, the token could reach extraordinary price levels, ranging from $100 to even higher, depending on transaction volumes.

Further Bullish Outlook

Another prominent analyst, Cryptobilbuwoo, supports a positive long-term outlook, comparing XRP’s current market behavior with its pattern in 2017. According to his analysis, XRP’s movement against Bitcoin mirrors trends that led to its significant rally seven years ago.

He anticipates that if these patterns continue, XRP could see a substantial increase, targeting a price of approximately $6.15. His assessment suggests that historical patterns might provide a basis for potential future price gains.