- XRP surges to $2.8 as the number of wallets holding at least 1 million of the token increases to an all-time high level.
- Analysts have predicted that XRP could likely double its price and later make a move to $14 by the end of the altseason.
The recent surge of XRP’s price to a monthly high of $2.9 was followed by a significant increase in whale activities as the number of wallets holding at least 1 million of the token reached an all-time high of 2,743.
According to the information shared by on-chain analytics platform Santiment, the total amount of tokens held has also increased to 47.32 billion XRP.
Not only are there more XRP whales than ever, but the total supply they hold is also increasing…XRP is also showing signs of strength. This dual trend is a very positive sign for the fourth-largest crypto asset.
What This Means to the Market
Analysts believe that such a level of increase usually represents a strategic alignment ahead of significant developments. Also, this is a massive shift from the previous distribution phase, where large holders liquidated their assets to secure profit, as detailed in our previous coverage.
Prior to this significant move, the price of XRP climbed up to $2.39 for the first time since May 23 before breaking out of a descending wedge pattern, wiping $31.44 million in XRP short positions out of the market.
At the time of writing, XRP was up by 7% on its daily price chart, extending its weekly gains to 27% and “dragging” its market cap to $167 billion. Additionally, the trading volume of XRP has increased by 109% with $16.3 billion changing hands.
XRP Gearing Up for Altseason?
Speaking on the current trend, Santiment highlighted in a report that the altseason may begin as long as Bitcoin (BTC) maintains its position above $110k and redistributes profits into altcoins.
According to TradingView data, Bitcoin dominance has reached around 64.46%, suggesting that the altseason could be happening anytime soon. However, analyst Crypto Decoder believes that this much-anticipated season could only be witnessed in October as just a few altcoins are currently surging against Bitcoin, as noted in our earlier post.
Joining the altseason discussion, another analyst called Rekt Capital believes that Bitcoin dominance would have to face rejection at the 67%, 69%, or 71% level before the rest of the market embarks on an explosive run, as indicated in our previous news article.
There really is no point in arguing about whether BTC.D will ultimately top out at 71% or at 69% or at 67%. The majority of the Bitcoin dominance macro uptrend has already taken place. And just like in every BTC.D cycle, it got close to 71%.
Once this period arrives, XRP is expected to build on the current momentum to break its all-time high price record at $3.8 to set a new one at $5 in the near term. According to analyst Mikybull Crypto, XRP could continue from this level to $14, as also pointed out in our earlier discussion.
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