The surge in XRP prices is the only driving force behind the rise in the cryptocurrency market, having increased another 12.25% in the past 24 hours to $2.73. Consequently, the altcoin's weekly increase has exceeded 90%, and its monthly increase has surpassed 440%. The next question on investors' minds is whether this price increase can be sustained.
How long will the rise in XRP prices last?
This month, the price has risen 440%, marking the longest period of price increases for XRP in nearly eight years. Renowned market analyst Income Sharks noted that the current uptrend has lasted for 4 weeks and 2 days, with growing optimism that XRP may maintain this bullish trend for a fifth consecutive week. 'Maybe this time we can hold for 5 weeks before we see a red candle,' the analyst commented.
Well-known cryptocurrency analyst CrediBULL Crypto believes that the upward trend of XRP may continue, potentially rising another 100% to reach $4.21. He is optimistic about XRP, claiming that the token is in the midst of a significant uptrend. 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 neat, while the first sub-wave of the larger third wave looks complete,' emphasizing that the other two waves within the third wave may propel XRP to break its all-time high (ATH).
Moreover, the analyst has rebutted claims by some that XRP has already peaked. 'In my view, we are just getting started. The rise will be pure frenzy,' the analyst pointed out.
Increased activity among XRP whales
The price rise of XRP continues as XRP whales purchased $380 million worth of 160 million XRP over the weekend.
XRP has reached its highest level in nearly seven years, thanks to a significant increase in wallets holding between 1 million to 10 million XRP. In the past three weeks, these wallets have added 679.1 million XRP, worth approximately $1.66 billion.
Additionally, blockchain analytics platform Santiment reports that the total number of non-empty XRP wallets has surpassed 5.5 million for the first time in the currency's eight-year history.
Will Ripple unlock $1 billion worth of altcoins?
With Ripple recently unlocking 1 billion XRP, debates about why Ripple is selling XRP on the market have resurfaced. The parent company currently holds 43% of the altcoin's supply in circulation.
However, it has been revealed that after unlocking 1 billion XRP from escrow three days ago, Ripple immediately locked up 770 million XRP for five years. Analyst CrediBULL crypto pointed out:
'The claim that 'Ripple unlocks 1 billion tokens for sale to you every month' has been debunked multiple times, and anyone still pushing this narrative is either participating or willfully ignorant.'
XRP price is currently up 12.67% to $2.73, with a market capitalization of $155 billion. Additionally, daily trading volume has surged 54% to $4 billion. Coinglass data shows that open interest has risen 4% to $4.35 billion, suggesting bullish sentiment among traders.
