what is happening Ripple Whales with over 1M XRP in 6 years max

The cryptocurrency market has been on the move this past week, and while XRP was a bit slow at first, it has managed to catch up lately and post some impressive gains.

At the time, it appears as if the Ripple whales are gearing up for an even bigger price increase, given their most recent behavior.

Wave whales stack

Santiment’s data shows that the largest wallets, those holding at least a million of the now seventh-largest digital asset, have been accumulating aggressively of late. They now hold over 45 billion XRP, which is the highest level they have been since June 2018.

Wallets with at least 1 million XRP now hold a combined 45.61 million tokens, their highest amount since June 2018. In the past 2 years, whales and sharks have reversed course and accumulated 3.44 million more XRP, an increase of 8.16%. Traders have enjoyed +40% return in the last 7 days. pic.twitter.com/nzYNU3CJyW

— Santiment (@santimentfeed) November 14, 2024

According to this chart, whale holdings had fallen to multi-year lows of less than 42 billion tokens during the peak bear market at the end of 2022 after the collapse of FTX. Since then, however, they have been piling up since last week, since Donald Trump’s victory in the US presidential election.

There has been a lot of positive sentiment surrounding Ripple’s native token this past week due to the aforementioned change in the US leadership scene. The current Democrat-led administration and Gensler-led SEC have been vocally and legally going after numerous crypto companies, including Ripple.

However, with Trump promising to fire Gensler on the 1st and the Republican general victory during the election, rumors have begun to speculate that the current SEC chairman will step down even before January and be replaced by someone with a more favorable approach to the industry. .

XRP to rise more?

XRP is the best performer among larger-cap alternatives in the last day, breaking above $0.8 for the first time in more than a year after a 15% rise. With the positive bias mentioned above, the number of highly optimistic price predictions has skyrocketed.

As previously reported, several crypto analysts outlined the next targets for XRP. From above $1, which looks quite reasonable at the moment, some triple-digit increases expected up to $3.3.

However, most are based on speculation, at least for now. After all, Gensler has not yet officially resigned and there is no indication of who the eventual successor will be and how they will handle the legal case between the SEC and Ripple.

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