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XRP whales are bucking the trend with notable moves amid a broader backdrop of uninspiring price movements for the cryptocurrency. A recent surge in XRP acquisitions has caught the attention of the crypto community, as large-scale investors acquired $228 million worth of the digital asset in a matter of days. Interestingly, this notable surge in purchases comes on the heels of the Grayscale XRP Trust Launched and one optimistic price forecast which sees XRP potentially reaching $5 in the next six to ten months.
Whale accumulation increases despite optimistic forecasts
This exciting movement of XRP whales was revealed through The distribution of cryptocurrency supply on social media platform X by Ali Martinez. According to the Santiment chart shared by the crypto analyst, wallets holding between 10 million and 100 million XRP tokens recently pushed their total balance to a September peak of 7.17 billion XRP after adding approximately $288 million worth of XRP tokens in ten days.
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Based on the average price of the altcoin during this period, this equates to the acquisition of approximately 390 million tokens by this group of large holders, representing approximately 6.9% of the total circulating supply, passing through the hands of a few key players.
Although the total whale balance has dropped to around 7.11 billion XRP at the time of Martinez’s post, recent developments point to continued accumulation in the days ahead. One such development is the recent launch of the Grayscale XRP Trust, which already appears to be attracting institutional investors to the token.
However, despite this increase in whale activity, XRP has not reflected price increases in other major cryptocurrencies following a favorable decision by the U.S. Federal Reserve. The Federal Reserve’s 0.5% interest rate cut fueled a broader inflow into the cryptocurrency market, propelling assets like Bitcoin And Ethereum Sees Notable Gains. On the other hand, the price has had trouble breaking through above the $0.60 mark, even with increased whale activity.
Ash Crypto Crypto Analyst predicted that the altcoin Bitcoin could hit $5 in the next six to ten months. This prediction comes amid a broader backdrop of optimism within the crypto space, with many assets seeing upward momentum as the effects of the Federal Reserve’s policy changes continue to reverberate through markets.
XRP $5 Prediction
According to a recent study by Ash Crypto, XRP is poised to see a 300-740% surge during the current market cycle. Such a rally puts the altcoin at a price target of between $3 and $5. It is worth noting that the crypto analyst’s outlook is not based on technical analysis but on Fundamentals and an expected recovery in the general cryptocurrency market. Thus, Ash Crypto’s outlook also predicts Bitcoin to trade between $150,000 and $250,000 and Ethereum between $10,000 and $15,000 over the next six to ten months.
At the time of writing, XRP is trading at $0.5828.
Featured image created with Dall.E, chart by Tradingview.com
