What happened?
Whale accounts acquired a whopping 340 million XRP in the last two weeks of August, boosting their total holdings to about 7.84 billion. This surge in XRP acquisition aligns with the strong technical and fundamental footing of XRP that has been attracting smart money lately. With this, bullish XRP price predictions are surfacing and the market participants are anticipating that XRP could soon gain regulated exposure in traditional finance markets.
Who does this affect?
This development directly impacts cryptocurrency investors and traders, especially those invested in XRP. These considerable acquisitions by whale accounts suggest a growing confidence in XRP’s potential for growth. It is also significant for crypto-enthusiasts, observers, and market participants eagerly awaiting regulatory clarity in the crypto sphere, especially with the CLARITY Act expected to pass the U.S. Senate around October.
Why does this matter?
This matters as it could set the scene for a bullish run for XRP in the upcoming months. If the SEC gives the green light for a Cardano spot ETF, we could see XRP ride on a wave of increased demand and enthusiasm. With the market speculating a nearly 100% probability of U.S. interest rate cuts, policy shifts could also stimulate more demand for risk assets like XRP. If these elements align, XRP may not only hit its June high but also stretch towards $10, marking a 255% move.