With rising XRP prices, there have been increasing non-empty wallets and
wallet and whale transactions. In the last 2 months, there has also been
an extra 511,430 XRP wallets created and this is alongside the increase
in transactions worth over $100,000 worth signifying a great market.
XRP Transactions by Whales return to the December levels
Within 8 hours, whale transactions over $100k surged to 2365, which was
the highest level since December 3 based on the data from Santiment. This spike appears to indicate increased activity by larger cryptocurrencies, and therefore institutional and individual players with high net worth, in XRP trades.
Also, This increase in whale activity seems to coincide with XRP’s first push
to $3.3 from 3.39 while wanting to enter a price discovery phase. The price of XRP has also gone up significantly in the past few days – 8.70% in the last 24 hours and over the last week an impressive 45.28%.
Above all this enthusiasm, non-empty wallets have also increased with 5.93 million holders of XRP. This also means retail investors are more involved in the asset as their trust in the asset has risen.
Analysts Predict An XRP Surge
Market analyst Ali Martinez believes XRP price might surge to $15 which is an 350.45% increase from what its currently priced at. He states that the price can be set at $10 and bought at $2.48, suggesting us to buy at lower prices to maximize profits however he believes $3 is also an acceptable entry point. Martinez also expects the price to go down to about $2.40 at which he will add to his position.
Risk Management Suggestions To Paid Users
Martinez states that there is great optimism for XRP, there still are chances of volatility in the market due to which managing risk while buying becomes important. In that case setting stop loss features and observing the movement of the price closely will help in decreasing the fluctuation.
He highlights the long term predictions are favorable, the short term periods will still be volatile which do come with its own set of challenges and advantages.
With the increasing number of non-empty wallets and the growing activity of whales it seems as if the investors have a solid amount of trust in XRP. In increasing in interest from both institution and retail buyers will aid the XRP price growth, when combining that with high buying pressure and good market conditions the outcome will be truly favorable.
