The price of XRP has surged past $3.2, and on-chain analysis suggests that it is one of the cryptocurrencies experiencing significant increases in large investor activity.
XRP Whale Transaction Count Has Exploded Recently
In their latest update on platform X, Santiment, a company specializing in on-chain analysis, has published a list of cryptocurrencies with significant increases in Whale Transactions over the past week. “Whale Transactions” in this context signifies a metric that tallies the number of transfers taking place on a specific network that exceed $100,000 in value.
In most cases, only significant investors (referred to as ‘whales’) are capable of executing substantial transactions in a single move. Therefore, a high Whale Transaction Count suggests that these whales are actively engaging in multiple transactions on the blockchain, which could indicate a significant level of interest or trading activity for the asset involved.
From my perspective as a researcher, when the activity level is relatively low within the cryptocurrency market, it might imply that large-scale investors are not giving it significant focus at this time. This could be due to minimal transactional activity on their end.
Here is the table posted by the analytics firm, which ranks various altcoins (having a market capitalization exceeding $500 million) based on the percentage rise in Whale Transaction Count over the last week.
It’s clear to see from what’s presented that during this time frame, seven digital currencies have experienced a significant increase of at least 100% in Whale Transactions. However, the one that really catches the eye on this list is actually number eight: XRP (XRP).
Over the past week, we’ve seen a significant surge in whale activity regarding this asset, with approximately an 81% rise. Although it falls short compared to other assets, it’s still quite notable due to the fact that this particular coin boasts a significantly larger market capitalization.
If there are already numerous ‘whale’ participants actively using the XRP blockchain, then for such substantial growth to occur would suggest an exceptional increase in the sheer volume of transactions taking place.
Typically, a large number of Whale Transactions could potentially cause fluctuations in an asset’s value. This changing trend might go up or down because the data solely focuses on the number of transfers without indicating whether the whales intend to buy or sell.
For XRP, it seems that the majority of transactions were likely made for purchasing purposes, given its significant price surge of approximately 41% within the specified timeframe.
It’s intriguing to find out that the top-ranked altcoin isn’t one with a fluctuating value, but rather a stablecoin: Dai on the BNB chain. According to Santiment, increased activity in stablecoins often indicates that large amounts of funds are being readied for swapping into other altcoins that share the same trading pair as the stablecoin.
XRP Price
At the time of writing, XRP is trading around $3.2, down 2% over the last 24 hours.
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2025-01-17 21:40