Is this bullish for XRP?

Ripple’s native token emerged as the best performer in recent weeks, rising from less than $0.6 to a three-year high of more than $1.25. This means that the asset had finally woken up after Trump’s election victory and had taken over the rest of the market.

According to data from Santiment, this massive rally, in which XRP more than doubled in value, was mainly driven by large purchases of whales and sharks. At the same time, retail investors were shedding their tokens, perhaps to take some profits.

As reported last week, whaling soared to a 6.5-year high. In total, the whales and sharks amassed over 450 million tokens (valued at nearly $530 million at the time) in just one week.

Santiment emphasized that these tokens came from “retail traders trying to dump their coins on any small XRP rally.”

“Historically, any cryptocurrency tends to see positive growth in market cap when its key stakeholders increase their stakes and trust, while concurrent retail FUD fuels that growth further. This has been the exact scenario that developing for the #6 market cap asset in crypto.” – pointed out the analysis platform.

Ripple Whales shopping. Source: Sentiment

The XRP army rejoiced at the asset’s rise above $1 and published numerous promising and outrageous predictions about its potential during this cycle.

Some of the more modest ones predicted that XRP could reach $1.5 next, before reaching a high of $1.96 or even $3.8. However, others indicated that XRP is preparing for a “mega move” that could take it all the way to $7.

A price of $7 would push Ripple’s market cap to over $400 billion, making it the second largest cryptocurrency. For now, XRP will have to settle for a more modest $62 billion, which helped it reclaim the sixth position from Dogecoin.

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