XRP whales are bucking the trend with noticeable moves amid a broader backdrop of uninspiring price movements for the cryptocurrency. A recent surge in XRP purchases has caught the attention of the crypto community, as large-scale investors have snapped up $228 million worth of the digital asset in just a few days. Interestingly, this notable surge in purchases comes just after the Grayscale XRP Trust Launch and one optimistic price forecast this sees XRP potentially hitting $5 in the next six to ten months.
Whale accumulation surges amid optimistic forecasts
This exciting movement of XRP whales was revealed through the distribution of crypto supply on social media platform X by Ali Martinez. According to the Santiment chart shared by the crypto analyst, wallets holding 10 to 100 million XRP tokens recently brought their total balance to a September peak of 7.17 billion XRP, after adding around $288 million worth of XRP tokens 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 large holders, representing around 6.9% of the total circulating supply passing into the hands of a few major players.
While 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 coming days. One such development is the recent launch of the Grayscale XRP Trust, which appears to already be attracting institutional investors to the token.
However, despite this increase in whale activity, XRP has not reflected the price jumps in other major cryptocurrencies following a favorable decision by the US Federal Reserve. The Federal Reserve’s 0.5% interest rate cut fueled a broader inflow into the cryptocurrency market, boosting assets like Bitcoin and Ethereum for notable gains. On the other hand, the price struggled to break above the $0.60 mark, even with increased whale activity.
Crypto Analyst Ash Crypto predicted that the altcoin could reach $5 in the next six to ten months. This forecast aligns with a broader backdrop of optimism within the crypto space, with several assets experiencing upward momentum as the effects of the Federal Reserve’s policy changes continue to affect markets.
XRP $5 Prediction
According to a recent outlook from Ash Crypto, XRP is on target to achieve a 300% to 740% increase in the current market cycle. Such a rally puts the altcoin at a price target between $3 and $5. Notably, the crypto analyst’s outlook is not based on technical analysis, but on fundamentals and an anticipated recovery by the overall crypto market. As such, Ash Crypto’s outlook also predicts Bitcoin to trade between $150,000 and $250,000 and Ethereum to trade between $10,000 and $15,000 over the next six to ten months.
At the time of writing, XRP was trading at $0.5828.
Featured image created with Dall.E, chart from Tradingview.com