Rippleโs XRP Ledger, the blockchain behind the OG altcoin, just hit an all-time record (ATH) in millionaire whales. With more than 2.7K crypto wallets containing over 1M XRP tokens now prevailing, this milestone comes after 12 years of existence, solidifying Ripple coinโs (XRP) status as a long-term investment vehicle & means to store value.
However, Tuesdayโs crypto market movement has been nothing but erratic for XRPโs price, as the cross-border altcoin tapped in $2.33 for a new weekly high before quickly retracing all of the intra-day gains. Indeed, XRP tacked along with Bitcoinโs (BTC) nosedive from $109K to $106K, sliding back to the $2.20 key support just 12 hours after achieving the 7-day high.
Ghost Rally Comes, XRP Millionaires Not Fussed?
In crypto, such immediate reversals after a sudden crypto price spike are known as either ghost rallies or bull traps. In short, the believers in the altcoin, otherwise known as crypto bulls, rush in to get a piece of the altcoinโs dip, but end up lower than their entry price or at status quo.
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In contrast, the largest crypto players, popularly referred to as XRP whales, are less concerned about the short-term price implications of Rippleโs native crypto. Instead, the 2.7K wallets holding above 1M XRP showcases a belief in the long-term success of Ripple (XRP), notably due to the legal wins achieved earlier this year.
The same sentiment is echoed from retail crypto investors – the total XRP ledger crypto wallet count has grown to 7.07 million as nearly 90% of market participants now believe in Ripple ETF to launch this year.
Naturally, the positive legal headwinds in the high-profile lawsuit with the SEC fueled this confidence, with some market analysts painting a double-digit picture for XRPโs price if the adoption carries on at a similar pace.
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XRPโs price was pumping fast, likely due to hype and big investors (whales) buying up tons, but some say itโs a bull trap with no solid fundamentals. Recent whale wallets holding 1M+ XRP hit a record 2,700+, fueling the surge.
Whales are crypto ballers with massive XRP bagsโwallets holding over 1M XRP ($2.4M+ at ~$2.40). Their record-breaking 2,700+ wallets show theyโre stacking hard, pushing prices up.
The rallyโs got mad momentum, with XRP up 300% yearly, but the โghostโ tag means there’s a whale-driven short-term FOMO going on. Watch for dumps if whales cash out quick.
Some analysts vibe with $5 or even $33 targets if whale buying and Rippleโs SEC wins hold, but ghost rallies can fade without broader market love. Stay cautious, crypto newbies.
XRPโs looking juicy at ~$2.40โ$2.76, but ghost rallies are riskyโdonโt chase the pump blind. Remember to do your own research (DYOR) and only invest what you can afford to lose.
