- Major investors have purchased over 380 million XRP in recent weeks.
- XRP has become the most popular digital asset among institutions.
- The altcoin is nearing a crucial support level and could see further gains.
Ripple-affiliated token XRP has been making significant strides in recent weeks, attracting substantial interest from both retail and institutional investors. In a notable development, a group of whales has acquired over 380 million XRP tokens in the past 10 days, spending approximately $228 million on the digital asset.
This whale activity comes as the crypto asset continues to gain traction among institutional investors. According to a recent Crypto Snapshot by Grayscale, the leading altcoin has surpassed other cryptocurrencies to become the most popular digital asset among institutional investors. This growing interest from institutions highlights the potential for the token to play a significant role in the future of finance.
From a technical perspective, XRP’s price is approaching a crucial retracement level of $0.60. This level has been identified by analysts as a potential support zone, and a break above it could signal further bullish momentum. With strong bullish signals emerging, analysts are now setting their sights on a target of $16.50.
XRP Gains Adoption
Beyond its price action, the XRP Ledger is also making significant progress in terms of adoption and utility. According to projections, the blockchain is expected to handle between $30 to $50 trillion in transactions by 2025, solidifying its position as a key player in the digital finance space.
One recent development that underscores the growing utility of XRP is its integration into Surfy, a payment solution based in South Korea. This integration allows users to make purchases using the coin expanding its use cases beyond speculation and investment. While currently available at select merchants in South Korea, this integration represents a significant step towards bringing the altcoin into the mainstream retail space.
As XRP continues to gain momentum and expand its utility, it is poised to play a pivotal role in the evolving cryptocurrency landscape. The combination of whale accumulation, growing institutional interest, and increased adoption suggests that it may be well-positioned for further growth and success in the coming months and years.
