The XRP price hit $2.81 today, and now the all-time high of around $3.84 is not far away. The growing positivity around Ripple’s crypto token seems to be higher than ever.
Yesterday, CryptoQuant reported that the XRP whale activity is at an all-time-high level. Let’s dig in.
XRP Whale Activity
The chart from CryptoQuant reveals some intriguing insights into XRP’s recent market dynamics. The blue bars representing whale activity show sporadic but significant spikes over time, often coinciding with major price movements or anticipated market events.
$XRP Whale Activity Hits All-Time High!“#XRP whale activity is at an all-time high, indicating that XRP has now been embraced as a valuable asset by whales.” – By @theKriptolik More details https://t.co/OfKdPLUkn0 pic.twitter.com/bsukMB4vFP
— CryptoQuant.com (@cryptoquant_com) December 2, 2024
The most recent data point is particularly striking, displaying a massive surge in whale activity that far exceeds previous levels. This aligns perfectly with the claim that whale activity has reached an unprecedented high.
Looking at XRP’s price history, we’ve seen notable cycles of peaks and troughs. The cryptocurrency experienced significant rallies during the late 2017 to early 2018 crypto bull market, reaching above $2.50. Another memorable price surge occurred in 2021 during the broader crypto market boom.
In the current period, XRP is showing an apparent price increase, breaking $2 range and correlating with the spike in whale activity. The most recent whale activity is the highest-ever recorded, exceeding 25,000 XRP, as indicated on the chart. Just to compare – Whale activity surged to approximately 20,000 XRP during the price peak in 2018.
Historically, large spikes in whale activity tend to precede or coincide with significant price movements, suggesting that whales might be accumulating or distributing XRP in preparation for potential market changes.
Analyst Perspective on XRP
Popular crypto analyst Michaël van de Poppe offered a nuanced take on the current XRP situation. While acknowledging the impressive chart and near all-time high, he advised caution. From a risk-reward perspective, van de Poppe suggested that potential new investors might want to wait for a correction.
Such a massive chart for $XRP.Congratulations, almost a new ATH! However, from a risk/reward perspective, if you don't have a position, I'd wait for a correction.If you do, ask yourself: is this going to 3x again or does any other #Altcoin do this?I would rotate. pic.twitter.com/J3uYHlLiAq
— Michaël van de Poppe (@CryptoMichNL) December 2, 2024
For existing XRP holders, he posed a thought-provoking question: Is XRP likely to 3x again, or are there other altcoins with more potential? The analyst hinted at the possibility of portfolio rotation, suggesting investors carefully evaluate their current positions.
Read also: Expert’s Polkadot (DOT) Price Prediction Remains Intact, Charts Path Beyond $11
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The post XRP Whale Activity Surges to All-Time High, But Analyst Warns Against Buying Ripple’s Token Now appeared first on CaptainAltcoin.
