New data reveals significant accumulation of XRP among large investors, or whales, leading to a rise in this cryptocurrency's price.
XRP Price Surge
Currently, the price of XRP has reached a 7-week high, surpassing the $2.39 mark. This increase has been witnessed since May 23, facilitated by the rise in accumulation from major holders.
Whale Data
According to analytics firm Santiment, there are currently 2,742 wallets holding at least 1 million XRP each. The combined holdings in these wallets total 47.32 billion XRP, indicating a high level of confidence from investors in the cryptocurrency's future. 'XRP's market value has hit a 7-week high, crossing above $2.39 for the first time since May 23rd,' notes Santiment.
Future Prospects for XRP
At press time, XRP was up 4.31% over the last 24 hours and 6.53% over the past week. The price rise of XRP coincided with Ripple's announcement that it has selected Bank of New York Mellon as the primary custodian for its USD-pegged stablecoin, RLUSD. Analysts suggest that if XRP can break key resistance levels, it could reach $2.60, with the potential for further growth above $3.00.
The surge in XRP prices alongside asset accumulation by major investors highlights the growing interest and confidence in this cryptocurrency's future. Investors and analysts are closely monitoring further market movements.
