- XRP price rises with increased whale transactions and more non-zero wallets.
- Analysts predict further gains but caution about market volatility.
The current and constant upsurge in the price of XRP has indicated an increase in non-empty wallets and transactions from whales. The statistics show that the number of non-zero XRP wallets has risen by 511,430 within the past two months, and significant transactions over $100,000 have escalated, pointing to market performance.
XRP Whale Transactions Hit Highest Level Since December
Spot transactions of whales with more than $100k reached 2,365 in eight hours, as evidenced by Santiment data, and that was the first time it happened since December 3. This increase gave the impression that institutional and ultra-high-net-worth individuals are participating in the trading of XRP.
The increase in whale activity correlates with XRP’s attempt to break into a price discovery phase, touching $3.39 after seven years before sliding back to the $3.33 range. Nonetheless, XRP has shown an upward trend over the past 24 hours, rising by 8.70%, while the past week saw the digital asset rise by 45.28%.
Source: XRP whale activity chart by Santiment
The rising number of non-zero wallets further supports the bullish trend, with XRP now boasting 5.93 million holders. As reviewed in our recent publication, this suggests increased participation from retail investors amid growing confidence in the asset’s potential upside.
Analysts Predict Major XRP Price Breakout
Amid the ongoing rally, market analyst Ali Martinez has pointed to a significant breakout from a symmetrical triangle pattern that has been forming since 2018. Historically, breakouts from such patterns have led to substantial price movements, as reported by CNF. Due to this technical formation, Martinez projects a potential XRP price surge to $15, representing a 350.45% increase from the current level.
Source: Ali Martinez XRP chart projecting $15
Martinez had previously set a price target of $10 and disclosed that he entered a long position at $2.48. He also suggested that lower prices would offer better returns while $3 remains a reasonable entry point. Additionally, he noted the possibility of a retracement to around $2.40, where he would consider increasing his holdings.
Risk Management Strategies for XRP Traders
Recent developments indicate growing optimism among investors. However, analysts caution that market volatility remains a key factor. Moreover, Martinez stressed the need to always check the movement of price and the stop-loss so that risks are redirected. Looking at the long-term prospects, the market remains bullish, as noted above, but short-term volatility could be rather risky or rather rewarding, depending on the trader.
Hence, as detailed in our last news piece, the prospects of XRP rising higher depend on buying pressure and market conditions as more institutional and retail investors show interest in the cryptocurrency. For now, rising whale activity and the growing number of non-empty wallets suggest strong investor confidence, reinforcing the positive momentum in the market.
