Ripple Whales Go Crazy as XRP Price Can’t Stop Surging

Something flipped in the cryptocurrency markets over the past 24 hours or so, and many altcoins have started to pick up the pace after bitcoin’s massive double-digit rally.

Today appears to belong to XRP. The native token of the broader Ripple universe has skyrocketed by 30% in a day or so, surging to $1.30 for the first time since June 1. Recall that the asset slipped below $1.00 just last week for the first time in nearly two years. Its subsequent rebound has been nothing short of impressive.

XRP Whales Continue Accumulating

Perhaps the most notable change in the XRP ecosystem is the recent whale behavior. As reported at the end of the previous week, these large market participants scooped up 72 million tokens in just 24 hours as the asset fought to stay above $1.00.

Citing further data from Santiment Intelligence, popular analyst Ali Martinez noted that they continued with their massive accumulation spree by acquiring over 300 million tokens since the start of the current business week. Their total holdings have skyrocketed from around 16.05 billion on August 16 to approximately 16.36 billion today.

Such large acquisitions have a twofold effect. First, they reduce the immediate selling pressure in the market. Second, they can act as an example for smaller investors who tend to follow whales.

Major Price Targets Emerge

The ever-vocal XRP Army was quick to pick up the native token’s mind-blowing recovery from the $1.00 support. JAVON MARKS celebrated the breakout, suggesting that the asset’s next major run has just started. Moreover, the analyst outlined the subsequent macro target of $15 or higher.

Dark Defender also weighed in on the price move, confirming that XRP had completed its correction. He based the analysis on the assumption that XRP had finished the leg down on all 5 waves on all timeframes.

“There is no 6th limb in the Elliott Wave Theory,” he added, before indicating that the latest rebound signals a strong reversal and a new impulse that can lead the token to $5.85 first and then $9.00.

Although these price targets sound quite optimistic, to say the least, XRP has proven in the past that it’s capable of massive moves shortly after the broader sentiment appeared broken.