XRP posted a 23% gain over the past month, making it a top gainer among the top ten largest cryptocurrencies by market capitalization.
This gain comes as data from Santiment shows that large XRP holders, popularly known as whales, bought over 300M XRP tokens on July 12-15. This accumulation by institutional investors has been behind the steady uptrend.
This level of XRP accumulation does appear to have had a positive impact on their +36% surge that ran from July 7th to 13th. Keep an eye on whether these key stakeholders continue accumulating. https://t.co/vr7QcwrNja
— Santiment (@santimentfeed) July 15, 2024
The analytics platform noted that watching the behavior of these large investors could help determine XRP’s price action.
Amid the ongoing rebound across the crypto market, XRP whales remain active. According to Whale Alert, a wallet containing 27,900,000 XRP tokens valued at over $14 million recently transferred these tokens to the Bitstamp cryptocurrency exchange.
While such a transfer could indicate possible selling, XRP continues to trade solidly.
XRP Gets High Levels of FOMO
Amid the ongoing XRP price recuperation, analytics platform Santiment notes that the coin is getting “high levels of FOMO.”
The fear of missing out (FOMO) could drive high buying pressure into XRP, and the token could continue to rise. The crowd euphoria around XRP makes it a high-reward investment, but investors must remain cautious as the FOMO could fail and cause a correction.
According to market analyst @MikybullCrypto, XRP is poised for an explosive rally that could see its price action mimic what happened in 2017. At the time, XRP started a rally that saw it clinch an all-time high above $3.
The analyst noted that a triangle pattern was forming, mimicking a similar trend in 2017. The current pattern signals a possible consolidation before XRP breaks out.
The Williams %R indicator at the bottom of the chart points to historical peaks in XRP’s price action. This indicator shows that XRP could be at the start of bullish momentum, with a potential peak expected in 2024 if the price follows past trends.
The bullish thesis is further supported by @crypto_bitlord7 on X, who stated that XRP will likely outperform Bitcoin and Ether in the current market cycle.
“I think XRP will flip ETH this market cycle, maybe even BTC. I expect it to suck so much liquidity out of the market, whose sectors will be rugged to feed the Ripple monster higher,” the analyst stated.
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