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Something huge may be on the horizon for XRP as a market pundit points to bullish data indicating surging traction for the asset.
Famous market commentator Armando Pantoja has insisted that something eventful is imminent for XRP as on-chain activity continues to impress.
In a Monday post, he drew the attention of his audience to the surging accumulation of the XRPL native token amidst growing bullish sentiments.
Whales Ramp Up XRP Acquisition
Pantoja emphasized the fever-pitch accumulation of the sixth-largest cryptocurrency, per on-chain data. The pundit noted that XRP whales stacked 453.3 million XRP, valued at $526 million, in a week amid growing price uptick expectations.
Notably, an earlier The Crypto Basic report confirms Pantoja’s assertion. The piece shows that whales holding between 1 million and 10 million XRP added the substantial amount to their stash and now command 18% of XRP’s circulating supply.
Furthermore, the recent acquisition took holdings of these high-caliber whales to a two-month high. The notable accumulation also coincided with XRP’s surge past the $1 price mark to a three-year high of $1.26.
Holdings Among 100k+ Whales Hits ATH
Meanwhile, Pantoja shared another piece of data signaling an impressive uptick in whales holding 100,000 XRP and above. According to the data, these whales’ stash has reached a new all-time high of 51.59 billion XRP.
The unprecedented milestone has propelled these addresses to command a staggering amount of XRP’s circulating supply. These wallets now account for 85% of the asset’s supply, reaching an 11-month high.
Huge XRP Price Expectations
Putting Pantoja’s big XRP expectations into perspective, notable analysts have speculated ambitious prices for the coin. For instance, market commentator Bobby A insisted that XRP would target higher prices like $3, $8, $11, and $13.
Furthermore, Tony Severino, a Chartered Market Technician, asserted that XRP would surge a staggering 1,710% to the $20 price mark. The analyst cited a sharp rally as XRP enters the fifth wave of its Elliot Wave structure.
XRP Consolidates Amid Surging Bullish Sentiments
While bullish sentiments and expectations of big moves continue to swell, XRP has consolidated following a mild pullback. The asset has joined a widely expected broader market correction in preparation for its next upside.
For context, XRP is down 14% from its November 16 peak of $1.26. The XRPL native token has also corrected 3% in the past 24 hours but is aggressively guarding the $1 price mark.
At the time of writing, XRP trades at $1.105 with a market valuation of $62.69 billion.