Ripple’s XRP Whales Bet On $5 XRP Price In May As Bulls Eye New Monthly Peak

XRP holders have recorded a spike in sentiments following a massive price jump in the last seven days. This week, the crypto market took a positive turn on the heels of growing institutional accumulations and macro interests. Retail tailwinds also spurred a string of inflows as Bitcoin (BTC) hit a three-month high, followed by an altcoin frenzy. XRP holders now fancy a $5 monthly peak, despite January’s $3.4 point. 

XRP Bulls In Buying Mode

On-chain data shows massive XRP purchases by large holders this week. A slew of retail wallets maintains similar pressure amid growing momentum. The rise in institutional accumulation marks a third consecutive week of inflows, which started in April and is set to deepen to possible monthly peaks.

In the last 30 days, XRP whales have accumulated over $880 million worth of assets, fueling a price surge. After the last dip, holders have consistently picked up the asset due to growing on-chain dynamics and global partnerships. On May 8, Wellgistics, a Florida pharmaceutical firm, announced the use of XRP for real-time payments in a $50 million deal, citing the need to lower centralized banking delays.

Holders have also pointed to increased anticipation for a spot ETF product in the United States as a rallying factor. If approved, bulls pitch a new all-time high for the altcoin. Recently, Polymarket users have placed odds at 85% similar to Bloomberg analysts as favorable conditions swirl U.S. markets.

Another factor behind recent institutional accumulation is the Securities and Exchange Commission’s (SEC) settlement filing. The move reaffirmed positive sentiment for the asset and spurred its price to a 10% rally. Centralized exchanges also saw outflows simultaneously with trades keen on the next wave.

Will XRP Price Hit $5?

Most bulls are pricing a $5 mark this month, banking on recent institutional inflows. A move to that level remains possible if present institutional accumulation continues. Last week, XRP institutional products notched $10.5 million inflows ahead of swinging macro data. The United States and United Kingdom trade deal and talks about easing tensions with China could usher in a good spell for crypto assets.

XRP holders are poised for a higher run in the coming weeks, and a price surge to $5 could set the tone for a bull run. At press time, XRP price stands at $2.39, a 7% spike in the last 24 hours and an 8% rally this week. With trading volume above 41%, the asset’s market cap has surged to $138.91 billion.