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XRP has been making major moves on the cryptocurrency market. Wallets with 10,000 XRP or more have become significantly more common over the last five weeks. This sharp increase has led to a total of 279,400 such addresses, marking a return to levels not seen in six months.
Larger investors, sometimes known as sharks and whales, are becoming more and more interested in XRP, suggests on-chain data. The year of 2024 has shown that there is a clear correlation between the performance of the XRP market and high-value wallets. The market value of XRP tends to increase as more sizable wallets accumulate it, generating a positive feedback loop that can raise prices.
In particular, the most recent market movements have demonstrated this trend. XRP made significant progress in the last 48 hours, hitting $0.64. The fact that XRP is now at its highest price since March 2024 is an indicator of a strong upward trend. Given the increasing demand and favorable perception for XRP, the recent price increase is crucial.
Alex DovbnyaPositive indicators for XRP's future include the recent price increase and the increase in large wallet addresses. A growing number of high-value wallets indicates that major stakeholders are placing bets on XRP's sustained growth.
A strong basis for future price increases may be provided by the substantial holders' increased demand. This forecast is also supported by technical analysis. A crucial resistance level that XRP has been struggling to overcome in recent months is the price threshold above $0.64. When the next important resistance levels become clearer, reaching this milestone might open the door for even more upward momentum and the potential long-term trend reversal that XRP so drastically needs.
Alex Dovbnya
Dan Burgin