Recently, the crypto market has been experiencing a resurgence, leading to positive headwinds for XRP. This has resulted in a notable improvement in sentiment among investors, prompting more individuals to consider acquiring the altcoin. The positive recovery in XRP comes after a period of struggle, where the price failed to gain momentum despite Ripple’s victories against the SEC. This lackluster performance caused many XRP investors to sell off their holdings, leading to a downturn in the market for the altcoin.
One particular cohort of XRP holders that experienced significant selling pressure was the group holding at least 1 million XRP tokens. These wallets, which hold a substantial value even at current prices, represent the whales and dolphins in the XRP ecosystem. The number of addresses holding 1 million tokens hit an all-time high in June 2023 but witnessed a decline as prices fell. However, with the recent bullish movement in the crypto market, expectations are that large investors will return to XRP.
Data from Santiment reveals that the number of wallets holding 1 million XRP tokens or more has been steadily rising throughout 2024. In April, this figure is now just one wallet away from reaching its previous all-time high and two wallets away from setting a new record. The resurgence in large investor activity could be attributed to the turning bullish indicators for XRP and the opportunity to purchase tokens at a discounted price during the market crash.
Renowned crypto analyst TonyTheBull highlighted the significance of the recent price crash for XRP, calling it the final capitulation shakeout for the altcoin. Drawing parallels to a similar event in 2017, the analyst suggests that XRP could be on the verge of a massive rally. Large investors seem to share this sentiment, as they have been increasing their holdings in anticipation of a potential surge in price. If history is any indication, XRP could quickly surpass the $1 mark, providing substantial returns for investors.
The resurgence of XRP in the crypto market has attracted the attention of large investors who are optimistic about the potential for significant gains. With improved sentiment, turning indicators, and a recent market crash creating buying opportunities, XRP is poised for a potential rally that could result in substantial returns for investors. As the crypto market continues to evolve, it is essential for investors to conduct thorough research and exercise caution when making investment decisions.
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