XRP, the native token of the XRP Ledger (XRPL), is generating significant buzz in the cryptocurrency world. Renowned market commentator Armando Pantoja recently highlighted a surge in on-chain activity, suggesting that a major event is imminent for the asset. With whales ramping up their acquisitions and bullish sentiments sweeping the market, the stage is set for a potential breakout. Here’s a closer look at why experts believe something big is on the horizon for XRP.

Whales Make Waves with Massive XRP Acquisitions

Armando Pantoja emphasized the fever-pitch accumulation of XRP, with on-chain data revealing that whales have been actively increasing their holdings. In the past week alone, whales have amassed 453.3 million XRP, valued at approximately $526 million. This substantial accumulation aligns with growing price uptick expectations and highlights the confidence of large investors in XRP’s potential.

Supporting Pantoja’s insights, a report from The Crypto Basic confirms that whales holding between 1 million and 10 million XRP now control 18% of the circulating supply. This accumulation has driven their holdings to a two-month high, coinciding with XRP’s recent surge past the $1 mark to a three-year high of $1.26.

All-Time Highs in Whale Holdings

The bullish trend doesn’t stop there. Pantoja also noted an unprecedented increase in whales holding 100,000 XRP or more. These high-caliber wallets have reached an all-time high of 51.59 billion XRP, accounting for a staggering 85% of the asset’s circulating supply. This 11-month high in whale holdings underscores the strong conviction among major investors that XRP is poised for significant gains.

Bold Price Predictions: $20 and Beyond?

The growing whale activity and accumulation have fueled ambitious price predictions from notable analysts. Market commentator Bobby A has projected that XRP could target prices of $3, $8, $11, and even $13. Meanwhile, Chartered Market Technician Tony Severino has made an even more audacious forecast. Severino believes XRP could surge by a staggering 1,710% to reach the $20 mark. He bases this prediction on the fifth wave of the Elliott Wave structure, which suggests a sharp rally is imminent.

XRP Consolidates Amidst Bullish Sentiments

Despite the optimism, XRP has recently experienced a consolidation phase following a mild pullback. The asset has joined the broader market correction, preparing for its next potential upside. Since peaking at $1.26 on November 16, XRP has retraced 14%, currently trading at $1.105 with a market valuation of $62.69 billion.

Conclusion: Is a Major XRP Breakout on the Horizon?

With whales accumulating at an unprecedented rate and analysts forecasting significant price targets, XRP is positioned for a potentially explosive move. While the asset is currently consolidating, the strong bullish sentiments and on-chain activity suggest that XRP could soon break out to new highs. As always, investors should stay informed and monitor market trends closely, as the cryptocurrency landscape can be highly volatile and unpredictable.