Crypto Analysts Bullish on XRP as Its Whale Number Hit New All-Time High

17 November 2020

in XRP

Reading Time: 2 mins read

Various cryptocurrency analysts have taken a bullish stance on the fourth-largest cryptocurrency by market capitalization, XRP, as the number of whales invested in the cryptocurrency has hit a new all-time high.

Scott Melker, a cryptocurrency trader at Texas West Capital, revealed on social media that he is bullish on the cryptocurrency and could see it rise to $0.33, up from its current price point around $0.29.

Echoing Scott Melker’s sentiment towards XRP was another crypto analyst going by Dave the wave, who told his over 39,000 followers he sees the cryptocurrency “showing strength” on a pattern that seemingly points towards an upward move in the near future.

The price of XRP, according to CryptoCompare, has moved up over 23% in the last 30 days as it keeps on gaining momentum, but over the last 12 months is up by about 13%, in contrast with BTC which is up nearly 100% in that same period. XRP appears to be accelerating, however, in the last 24 hours it’s up 5.9%, against BTC’s 4.7%.

Crypto analytics firm Santiment revealed that XRP’s impressive price performance over the last few days has been accompanied by a rise in addresses with large holdings.

Crypto investors may be buying up XRP in anticipation of the Spark token airdrop XRP holders will receive on December 12, the date in which XRP holders will receive Spark tokens on a 1:1 basis according to the number of tokens they hold.

The airdrop will see Ripple partner Flare distribute a total of 45 billion Spark tokens to XRP holders, with the exception of Ripple itself and some of the startup’s former employees. The tokens are set to be distributed to XRP investors who self custody, and to those who have their funds on a cryptocurrency exchange or wallet supporting the airdrop.

While most major exchanges have not yet made announcements on it, Uphold and Foblgate has announced support. According to Flare’s FAQ page, demand for the Spark token airdrop from the XRP community appears to be considerable:

We’ve been amazed at the amount of interest in Flare over the past few days! Since announcing the process for preparing your XRPL account to receive Spark on Friday, there has been over 295 million XRP contained in XRPL accounts that have set their accounts to receive the Spark token.

Other exchanges supporting the airdrop include eToro, CoinField, Bitrue, AnchorUSD, Nexo, and Tokens.net.

Featured image via Pixabay.

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