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XRP whales are bucking the trend with a visible move amid a broad backdrop of uninspiring cryptocurrency price movements. The recent surge in XRP purchases has caught the attention of the crypto community, as major investors have acquired $228 million worth of the digital asset in just a few days. Interestingly, this apparent spike in purchases comes on the heels of introducing the Grayscale XRP Trust as well as optimistic price forecasting that sees XRP possibly hitting $5 in the next six to ten months.
Whale Rally Increases Amid Bullish Forecasts
This is an exciting move for XRP whales revealed by distribution of crypto supply on social media X by Ali Martinez. According to a chart shared by crypto analyst Santiment, wallets holding 10 to 100 million XRP tokens recently pushed their total balance in September 2017 to 7.17 billion XRP after adding about 1 million XRP tokens. -288 in ten days.
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Based on the average altcoin price during this period, this equates to the acquisition of approximately 390 million tokens by this group of major holders, which represents approximately 6.9% of the total amount in circulation passing through the hands of a few key players.
Although the total amount of whales decreased to about 7.11 billion XRP at the time of Martinez’s post, recent developments point to continued accumulation in the coming days. One of these developments is the recent launch of the Grayscale XRP Trust, which seems to be already attracting institutional investors to the token.
However, despite this surge in whale activity, XRP did not it’s like a price jump in other major cryptocurrencies following the favorable decision of the US Federal Reserve. The Federal Reserve’s 0.5% interest rate cut has spurred widespread entry into the cryptocurrency market, driving further assets like Bitcoin again Ethereum is making significant gains. On the contrary, the price has he struggled to break up $0.60 mark, even higher whale activity.
Crypto analyst Ash Crypto he predicted that the altcoin it could reach $5 in the next six to ten months. The forecast comes against a broad backdrop of optimism within the crypto space, with many assets gaining momentum as the effects of the Federal Reserve’s policy changes continue to ripple through markets.
XRP $5 Prediction
According to the latest opinion of Ash Crypto, XRP is destined to make an increase of 300% to 740% in the current market cycle. Such a rally puts the altcoin at a target price between $3 and $5. Notably, the crypto analyst’s opinion is not based on technical analysis but fundamentals and the rally predicted by the general crypto market. As such, the Ash Crypto opinion also predicts Bitcoin trading between $150,000 and $250,000 and Ethereum trading between $10,000 and $15,000 in the next six to ten months.
At the time of writing, XRP is trading at $0.5828.
The featured image was created with Dall.E, a chart from Tradingview.com