Record Whale Activity Boosts XRP to New Heights

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by Giorgi Kostiuk

2 years ago

XRP's whale activity has reached an all-time high, helping the token surpass other major cryptocurrencies by market cap.

Rally Driven By Whales

Crypto analysts suggest that XRP’s rally was largely driven by whale activity, triggering a fear of missing out among retail investors. CryptoQuant CEO Ki Young Ju noted significant participation from Coinbase whales, with the price premium ranging from 3% to 13% over the past 30 days. Meanwhile, Korean exchange Upbit showed no significant premium despite having more XRP investors than Binance. According to Santiment, wallets holding between 1 million and 10 million XRP added 671 million coins worth $1.66 billion in three weeks.

RLUSD Around The Corner?

According to Fox Business, Ripple is preparing for a potential RLUSD launch as soon as December 4. This positions RLUSD as a direct competitor to stablecoins like USDC and USDT. RLUSD could offer users a stable alternative, avoiding the price volatility of XRP and other cryptocurrencies.

Analysts Bullish on XRP

While XRP is currently at $2.68, it trades about 30% below its all-time high of $3.84 from January 2018. Notable crypto analyst Dark Defender identified a Fibonacci-based target of $5.85 as a key level. He highlighted XRP's consistent achievement of critical milestones and his roadmap includes a long-term target of $18.22. Raoul Pal, CEO of Real Vision, also noted XRP's 'good-looking chart' and potential for growth.

Given the recent surge and whale activity, XRP continues to capture investor attention, while the potential RLUSD launch could bolster its stability in the market.

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