XRP Reaches 6-Year High – Whales And STH Accumulate Together
03 December 2024 - 5:30AM
NEWSBTC
XRP has soared to a remarkable $2.49, marking its highest market
value since January 8, 2018. This impressive milestone follows an
astounding 395% price surge since November 5, reflecting renewed
investor enthusiasm and strong market momentum. The rapid rally has
reignited discussions about XRP’s potential as one of the standout
performers in the crypto market. Related Reading: Dogecoin Ready To
Hit $1 – Price Struggles To Break Above Major Resistance Key data
from blockchain analytics firm Santiment highlights a significant
accumulation trend among large holders. In three weeks, wallets
holding 1M-10M XRP have amassed 679.1 million tokens—equivalent to
$1.66 billion. This aggressive accumulation underscores increasing
confidence in XRP’s prospects, particularly as the broader market
exhibits bullish sentiment. Analysts suggest the coming weeks could
bring further upside for XRP and the overall crypto market, driven
by heightened interest and strong demand. As XRP tests these new
highs, the focus will shift to whether it can sustain this momentum
and break through psychological resistance levels. With market
dynamics favoring a bullish outlook, XRP’s performance could set
the tone for altcoins entering the next phase of this market cycle.
Investors now keenly observe XRP’s trajectory as it navigates this
critical juncture. XRP Extends Record-Breaking Rally XRP’s
remarkable uptrend shows no signs of slowing, with the asset
surging 30% in under 24 hours, breaking decisively above the $2
mark. Following a brief consolidation below $2, this rally has
pushed XRP to an impressive $2.49—a level unseen since January 8,
2018. Recent blockchain data from Santiment reveals the underlying
strength driving this surge. Key accumulation trends show wallets
holding 1M-10M XRP have collectively added 679.1 million tokens to
their holdings in just three weeks. This translates to a staggering
$1.66 billion, signaling renewed confidence among large holders.
Additionally, XRP’s total non-empty wallets have reached a historic
milestone, surpassing 5.5 million for the first time in the
cryptocurrency’s 8+ year history. The convergence of these bullish
metrics confirms that demand for XRP is intensifying, fueling its
record-breaking rally. Analysts and investors are watching closely,
noting that the continued expansion in wallet activity and
accumulation patterns strongly supports XRP’s upward momentum.
Related Reading: Dogecoin Consolidates Below Key Supply Level –
Analyst Expects Rally Soon As XRP capitalizes on these bullish
trends, its ability to sustain and build on this momentum will be
crucial. If accumulation and wallet growth persist at this pace,
XRP could redefine its position in the crypto market, setting new
benchmarks for its next leg up. XRP Price Holds At $2.30 XRP is
trading at $2.30, consolidating after a remarkable rally that saw
it touch $2.50, nearing its all-time high. This marks an
extraordinary performance, with XRP achieving significant gains
over the past month as it revisits price levels last seen in 2018.
The bullish momentum remains intact, and traders closely monitor
the $2.30 level as a key support. If XRP holds above this level in
the coming hours, a breakout past $2.50 seems increasingly likely,
setting the stage for the asset to test even higher resistance
levels. However, failure to maintain the $2.30 support could lead
to a short-term pullback, with the price likely finding demand at
$2.08. This critical level could provide a foundation for further
consolidation before XRP attempts another push upward. Related
Reading: Shiba Inu Could Increase 75% If It Holds Current Level –
Analyst Shares Price Target As market participants continue to
watch XRP’s price action, its ability to sustain these levels will
determine the trajectory of its next move. With bullish sentiment
still driving demand, the coming hours are crucial for XRP’s bid to
solidify its position above $2.30 and aim for new milestones beyond
$2.50. Featured image from Dall-E, chart from TradingView
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