Whales Buy Hundreds of Millions of XRP Coins, Price Rally Begins?

Bittime - The cryptocurrency market is roaring again with the latest news regarding significant activity on the XRP Ledger. In the past month, the price of XRP has seen a surge of nearly 29%, supported by increased activity on the network. Is this a sign that the price rally will continue?

Increased Activity on XRP Ledger

The XRP Ledger recently recorded a significant spike in activity, both from new and existing addresses, reaching its highest level since March. On-chain data shows a marked increase in new XRP wallet creation, with 1,721 new wallets created in just one day last week, the highest number since March 30.

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Not only that, the number of active addresses on the XRP Ledger has also increased. A total of 47,363 individual addresses interacted with the network in a single day, marking the most intense period of activity since March 9, according to data from on-chain analytics firm Santiment.

Big Buy by Whale

According to popular cryptocurrency analyst, Ali Martinez, whales have purchased more than 140 million XRP worth around $84 million in just the past week as the price of this cryptocurrency has risen significantly. This accumulation comes at a time when some analysts expect the price of XRP to explode to as high as $36 in the near future as it enters “qualification mode.”

Technical Analysis and Price Prediction

In a post on the microblogging platform X (formerly known as Twitter) shared with his more than 100,000 followers, pseudonymous cryptocurrency analyst Dark Defender said that

According to Dark Defender, if

An Evolving Bullish Narrative

The bullish narrative around XRP is growing following the cryptocurrency's latest price movement. As reported by CryptoGlobe, the popular cryptocurrency analyst known as Milkybull Crypto suggested to his more than 70,000 followers on the X platform that the XRP price rally is "just getting started," and he added that he believes this rally will be similar to the one that occurred in 2017.

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Conclusion

With a surge in on-chain activity and heavy buying by whales, coupled with technical analysis supporting a potential price increase, XRP appears to be on the verge of a significant rally. Is this the start of a long rally that will repeat the glories of 2017? Only time will tell, but currently, all indicators point in a positive direction for XRP.