Ripple Whales Go Crazy as XRP Price Can’t Stop Surging

Something flipped in the cryptocurrency markets over the past 24 hours or so, and many altcoins have started to pick up the pace after bitcoin’s massive double-digit rally.

Today appears to belong to XRP. The native token of the broader Ripple universe has skyrocketed by 30% in a day or so, surging to $1.30 for the first time since June 1. Recall that the asset slipped below $1.00 just last week for the first time in nearly two years. Its subsequent rebound has been nothing short of impressive.

XRP Whales Continue Accumulating

Perhaps the most notable change in the XRP ecosystem is the recent whale behavior. As reported at the end of the previous week, these large market participants scooped up 72 million tokens in just 24 hours as the asset fought to stay above $1.00.

Such large acquisitions have a twofold effect. First, they reduce the immediate selling pressure in the market. Second, they can act as an example for smaller investors who tend to follow whales.

Major Price Targets Emerge

Dark Defender also weighed in on the price move, confirming that XRP had completed its correction. He based the analysis on the assumption that XRP had finished the leg down on all 5 waves on all timeframes.

Although these price targets sound quite optimistic, to say the least, XRP has proven in the past that it’s capable of massive moves shortly after the broader sentiment appeared broken.