Key XRP wallets drive growth with calculated $3.8 billion accumulation, pushing prices to their highest since December.
XRP Hits $2.89: What’s Behind the Surge?
XRP has reached $2.89, its highest value since December, becoming the third-largest cryptocurrency by market cap. Investors are celebrating, but the surge isn’t just a market anomaly. Analysts highlight strategic accumulation patterns driving the rise.
The Role of XRP Millionaires
Wallets holding between 1 million and 10 million XRP have spearheaded the surge. Over the past two months, these accounts have collectively increased their holdings by 37%, equating to $3.8 billion. This accumulation underscores confidence in its long-term potential and strategic planning by its largest investors.
On-Chain Activity Highlights
Its network is buzzing with activity. In the past 24 hours alone, 341 transactions exceeded $1 million in value. This spike in high-value transactions indicates significant engagement from major players.
Momentum Supported by Market Optimism
The recent momentum also benefits from speculation about a potential XRP-focused exchange-traded fund (ETF). The possibility of an ETF has bolstered investor sentiment, aligning with the token’s 9.14% price increase over the last day.
Ripple Effect in the Ecosystem
The collective actions of key XRP wallets have created ripples across the ecosystem. This has elevated market expectations and strengthened XRP’s competitive edge in the cryptocurrency landscape.
Looking Forward: Key Levels to Watch
As the token continues to trade between $2.55 and $2.89, analysts anticipate further moves that could push its value beyond $3. Strategic accumulation by key investors remains a defining factor in XRP’s performance.
Disclaimer:
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