Ripple’s XRP token has taken the lead among altcoins, surging 6% and reaching a high of $0.5687 in recent trading. The rally comes as the number of wallets holding at least 1 million XRP has been steadily increasing over the past six weeks, rising by 3.1% and approaching the all-time high, according to data from Santiment.
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Whale Wallets on the Rise
The growing number of XRP whale wallets, defined as those holding at least 1 million tokens, is a significant development for the Ripple ecosystem. These large-scale investors often have a substantial impact on price movements, as their buying and selling activities can create significant market momentum.
Increased accumulation from these high-net-worth individuals may be driving the current rally, with the number of XRP whale wallets just one shy of the all-time high. The 3.1% increase in whale wallets over the past six weeks suggests a growing confidence in XRP’s future prospects.
In a court filing submitted late on Monday, Ripple Labs responded to the Securities and Exchange Commission’s demand that the company pay fines totaling over $2 billion.
This follows the SEC’s announcement last month that Ripple will have to pay fines totaling over $2 billion for selling XRP to institutional investors. In its objection motion, Ripple countered that the actual amount should have been closer to $10 million.
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Show more +XRP/BTC Pair Riding the Third Wave
In addition to the surge in XRP’s USD value, the XRP/BTC trading pair has also been performing well. According to analyst EGRAG Crypto, XRP/BTC is currently “riding the third wave,” presenting a compelling opportunity for traders.
The initial target for the XRP/BTC pair is 0.00001052, which translates to a price range of $0.69 to $0.73 for XRP, assuming Bitcoin remains stable between $66,000 and $70,000. A close above this level could pave the way for a swift move to the next target at 0.00002982, which would see XRP trading between $1.96 and $2.00.
The growing number of whale wallets and the recent surge in XRP’s price suggest that the token may be poised for further growth. As the XRP/BTC pair navigates the third wave, traders and investors will be closely monitoring the key levels outlined by analyst EGRAG Crypto.
However, it is essential to remember that the cryptocurrency market is highly volatile and subject to rapid changes in sentiment. Investors should always conduct their own thorough research and risk assessment before making any investment decisions.
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