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Top Crypto Strategist Bullish on XRP As Number of Whales Invested in Crypto Asset Hits All-Time High

by Daily Hodl Staff
November 16, 2020
in Ripple and XRP, Trading

Widely-followed trader and crypto strategist Scott Melker is saying he’s bullish on the fourth-largest cryptocurrency.

In a new tweet, the analyst known in the industry as the Wolf Of All Streets tells his 133,000 followers that he believes XRP can rise to $0.33, which represents an increase of over 22% from its current price of $0.27.

“XRP (USD) They laughed at me when I shared this trade. But who’s laughing now? I am, I’m laughing because it’s XRP. Profitable though.”

Source: Scott Melker/Twitter

Melker’s bullish call comes as crypto intelligence platform Santiment is reporting substantial growth in the number of whales invested in Ripple’s native asset.

“XRP has had an impressive +8.4% week, and it’s currently the #1 rising asset in discussion rate on crypto platforms. The rise of holders with coins containing large amounts of XRP has been very apparent, as addresses with 10-1M tokens are at new all-time highs.”

Source: Santiment/Twitter

Santiment also reveals the distribution of addresses according to their XRP balance:

  • 10 – 100 XRP: 1.45 million addresses
  • 100 – 1,000 XRP: 332,660 addresses
  • 1,000 – 10,000 XRP: 256,340 addresses
  • 10,000 – 100,000 XRP: 104,430 addresses
  • 100,000 – 1 million XRP: 17,658 addresses
  • 1 million to 10 million XRP: 1,350 addresses
  • 10 million XRP and above: 307 addresses

In his own XRP price analysis, a popular crypto strategist named Dave the Wave shared a chart earlier this month showing that XRP may be carving a long-term bottom after printing a 2020 low of $0.09. The chart reveals that should XRP breach resistance of $0.30, it could target $0.50.

Source: Dave the Wave/Twitter
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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