XRP Becomes A Crypto Whale Target, In Two Days Big Investors Buy 1 Billion Coins

XRP crypto assets are targeted by big investors. (Photo; Doc. Bitcoinist)

JAKARTA - The price of XRP fluctuated significantly this week, giving rise to a number of investors feeling anxious. Although the market is in turmoil, the activities of XRP holders in large quantities or whales show high confidence in the prospects for this digital asset.

In the last 48 hours, whales have reportedly collected more than 1 billion XRP coins, as reported by CryptoNewsmen. Although the price of XRP was corrected in the last few days, the whale accumulation indicates the high interest in XRP.

Crypto market analyst Ali Martinez said, between January 7 and 8, the whales had sold as much as 60 million XRP worth around USD 139 million (IDR 2.25 trillion), which caused the decline in the price of XRP from USD 2.4 (IDR 38,880) to USD 2.2 (IDR 35,640).

However, even though the price of XRP had slumped, on Sunday morning XRP managed to rebound with an increase of 8.65%, reaching a price of 2.5 US dollars (Rp40,700). Data from CoinGecko on Sunday, January 12, in the past week, XRP still recorded an increase of 6%.

Data reports from CoinGlass show that Future's Open Interest XRP has increased by 3%, reaching USD 4.37 billion (IDR 70.7 trillion). This indicates investor optimism even though the market is in turmoil. In addition, Ripple Labs recently transferred 300 million XRP coins, worth around USD 682 million (IDR 11 trillion), to an unknown wallet.

From a fundamental point of view, Ripple further strengthens its position with the launch of a RLUSD stablecoin last December which is now listed on large exchanges such as Bitstamp. Ripple's collaboration with Chainlink last week also further strengthens the XRP ecosystem, ensuring a safe real-time transmission of RLUSD price data.

According to market analyst Dark Defender's prediction, XRP has the potential to experience further price spikes. Some of the price targets that need to be considered are US$2.40 (Rp38,880), US$2.86 (Rp46,300), US$4.55 (Rp73,700), to US$5.85 (Rp94,800), with the possibility of surging to US$6 (Rp97,200) in the event of a breakout.