XRP Whales Hit 5-Year High in Holdings as Price Targets $1.68
Key Takeaways:
- XRP whales and sharks have increased holdings to the highest since 2018.
- XRP traders see a +40% return within just 7 days.
- Excitement mounts as XRP nears $0.74 resistance with potential for a breakout.
The XRP market has witnessed a surge in accumulation as prominent holders, whales and sharks with at least one million tokens, now collectively control 45.61 billion tokens, marking the highest total since June 2018.
As per the latest data from Santiment, this trend represents a 3.44 billion tokens addition over the last two years and an 8.16% increase. This renewed confidence by high-net-worth investors comes with the recent market gains, with traders returning +40% over the last week.
According to Santiment, a slight change in sentiment has occurred, underlined by the fact that major investors seem extremely confident in the tokens longer-term potential. The great accumulation might signal a belief that this token has further upside potential, which is not different from what is being shared by XRP enthusiasts across social platforms.
XRP Community Buzzes as Price Pushes Higher
As the price action of the token started to draw more attention, discussions about the token started to increase. Currently ranked as the seventh-largest cryptocurrency by market capitalization, mentions of the token increased as more than 4% of all crypto discussions were centered around the cryptocurrency after a robust 45% breakout across eight days.
The coin is, at the moment, changing hands at very close to $0.74, a crucial level last seen back in March. For this, the next possible resistance for XRP will depend on whether the momentum can be sustained. Factors such as funding rates and FOMO may prove very pivotal in sustaining this trend.
Although this would be a large feat, this is a scenario where analysts warn the token holders that the upward momentum would stall in case there are signs of overextended longs, especially among major exchanges like Binance.
Analysts Eye $1.68 Resistance as Pattern Breaks
With the price soaring, market analysts point to a technical breakout for XRP. Crypto trader Jonathan Carter tweeted recently that the token just broke out from a long-term triangular structure, which has framed its trading range since 2021. This could further provide the catalyst for the path higher for XRP to the $1.68 mid-term resistance.
Against this backdrop, Carter says this structure could yield a significant move upward if the buying pressure stays intact. As XRP enthusiasts track the evolving price narrative, the tokens market dynamics seem primed for possible further gains if current support holds.
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Read more: https://www.tronweekly.com/xrp-whales-hit-5-year-high-in-holdings/
Text source: TronWeekly
