Following a recent period where altcoins began to pick up the pace, XRP recorded a substantial upward move, skyrocketing by roughly 30% over a 24-hour period to reach $1.30. This marks the asset's highest level since June 1, following a brief dip below $1.00 earlier in the week.
Whale Accumulation Continues
Data from Santiment Intelligence, highlighted by analyst Ali Martinez, indicates that large market participants have maintained a heavy accumulation strategy. After previously scooping up 72 million tokens in a single day, these large holders acquired more than 300 million tokens since the start of the business week.
As a result of this buying activity, the total holdings of these large accounts grew from approximately 16.05 billion tokens on August 16 to roughly 16.36 billion tokens. Such acquisitions can reduce immediate market selling pressure and influence smaller investors.
Analyst Projections and Market Sentiment
In the wake of the price movement, market analysts shared various macro targets based on technical structures. Analyst Javon Marks pointed to a breakout from the $1.00 support level and suggested a macro target of $15 or higher. Meanwhile, analyst Dark Defender analyzed the asset through the Elliott Wave Theory, indicating that the correction has concluded and suggesting potential targets of $5.85 and $9.00.
