Highlights
Driven by massive purchases, XRP's price is bound to set a new all-time high soon.
XRP wallets holding between 1 million and 10 million tokens have accumulated 679.1 million XRP worth $1.66 billion in three weeks.
Ripple recently unlocked 1 billion XRP, which has sparked debates about market sell-offs.
The surge in XRP price is the only driving force behind the rise in the cryptocurrency market, having increased by 12.25% in the last 24 hours to reach $2.73. As a result, this altcoin has seen a weekly increase of over 90% and a monthly increase of over 440%. The next question on investors' minds is whether this price increase can be sustained.
How long will the XRP price increase last?
This month, XRP has risen by 440%, marking the longest price increase in nearly eight years. Noted market analyst Income Sharks pointed out that the current upward trend has lasted for 4 weeks and 2 days, and there is growing optimism that XRP might maintain this bullish trend for a fifth consecutive week. 'Maybe this time we can hold for 5 weeks, then see a red candle,' the analyst commented.
Famous cryptocurrency analyst CrediBULL Crypto believes that XRP's momentum may continue, potentially rising another 100% to reach $4.21. He is optimistic about XRP, claiming that the token is in a phase of significant upward movement. According to CrediBULL, XRP seems to be smoothly entering the third wave of a larger bullish structure.
Analysts point out: 'The second sub-wave is short and compact, while the first sub-wave of the larger third sub-wave looks complete,' and emphasize that the other two waves within the third sub-wave may push XRP to break its all-time high (ATH).
Additionally, the analyst dismissed claims that XRP has already peaked. 'In my view, we are just getting started. The rise will be pure frenzy,' the analyst stated.
XRP whale activity continues to increase.
The price surge of XRP continues as XRP whales purchased $380 million worth of 160 million XRP last weekend.
XRP has reached its highest level in nearly seven years, thanks to significant accumulation by wallets holding between 1 million and 10 million XRP. In the past three weeks, these wallets have added 679.1 million XRP, worth approximately $1.66 billion.
Additionally, blockchain analysis platform Santiment reports that the total number of non-empty XRP wallets has exceeded 5.5 million for the first time in the currency's eight-year history.
Will Ripple unlock $1 billion worth of altcoins?
With Ripple's recent unlocking of 1 billion XRP, debates about why Ripple is selling XRP in the market have resurfaced. The parent company currently holds 43% of the altcoin supply in the market.
However, it has been revealed that Ripple immediately locked 770 million XRP for five years after unlocking 1 billion XRP from custody three days ago. Analyst CrediBULL Crypto pointed out:
The claim that 'Ripple releases 1 billion tokens for sale to you every month' has been debunked multiple times, and those who continue to promote this claim are either participating for their own benefit or are willfully ignorant.
The price of XRP is currently up 12.67% to $2.73, with a market cap of $155 billion. Furthermore, daily trading volume has surged 54% to $4 billion. Coinglass data shows that open interest has increased by 4% to $4.35 billion, suggesting bullish sentiment among traders.
