As a seasoned crypto investor with several years of experience under my belt, I have learned to always keep a keen eye on whale activity when it comes to potential investments. The recent surge in XRP‘s price performance and subsequent increase in whale accumulation has piqued my interest.
Large investors holding significant amounts of XRP, referred to as “whales,” are becoming active in the market once again. This renewed interest in XRP comes as the broader cryptocurrency market experiences a strong upswing. In the past 24 hours, XRP has performed exceptionally well, surpassing the gains of many other major cryptocurrencies in both the short-term and long-term perspectives. The heightened optimism surrounding XRP can be attributed to an uptick in whale activity as indicated by on-chain and exchange data. These large investors have been acquiring more XRP tokens.
XRP Whales On The Move
As a researcher studying the XRP ecosystem, I’ve observed that there are numerous significant players beyond Ripple who influence the market sentiment for this cryptocurrency. Noteworthy XRP transactions, which have been evident in on-chain data over the recent weeks, involve large transfers between exchanges. While the motivations behind these transactions remain unclear, it’s essential to keep an eye on them since they can significantly impact buying and selling pressure within the market.
Significantly, the past 24 hours have seen a rise in large-value XRP transactions, potentially indicating that certain investors are hoarding XRP tokens. As reported by Whale Alerts, a monitoring platform for whale activities in crypto, approximately $13.58 million worth of XRP (around 23.2 million tokens) was moved from Binance to a personal wallet.
23,216,582 #XRP (13,587,688 USD) transferred from #Binance to unknown wallet
— Whale Alert (@whale_alert) July 16, 2024
Approximately twenty-five million XRP, equivalent to fourteen point nine million dollars, were moved from Binance to an unidentified digital wallet a short while later.
25,247,582 #XRP (14,907,202 USD) transferred from #Binance to unknown wallet
— Whale Alert (@whale_alert) July 16, 2024
As a crypto investor, I closely monitor on-chain data to gain insights into market trends. Santiment’s platform is one of my go-to sources for this information. The data from their analytics shows an uptick in XRP holdings among wallets with balances between 100,000 and 1 million XRP. This group now comprises 30,722 addresses, up from 30,600 just a week ago. This increase in the number of addresses holding substantial amounts of XRP suggests that large-scale investors are accumulating the cryptocurrency.
Five new addresses have recently emerged as significant XRP token holders, joining the group of 262 other addresses that currently possess between 10 million and 100 million tokens. While this growth may seem insignificant considering the overall holder base, their influence on the altcoin’s price is undeniable due to their substantial control over a considerable portion of the XRP supply.
According to Santiment’s analysis on social media platform X, the rise in accumulation has led to a new record high of 51.29 billion XRP tokens being held by addresses with over 100,000 coins.
For the first time since April 12th’s market-wide correction, XRP has surpassed $0.58. This uptick can be attributed to an increase in coin holding among large investors, specifically those with over 100,000 XRP coins. The trend of supply accumulation noticeably shifted last August.
— Santiment (@santimentfeed) July 16, 2024
As a crypto investor, I’m observing that at the present moment, XRP is being traded at a price of $0.6136. In the last 24 hours, there has been a significant increase in its value by 13%, while over the past week, it has surged by an impressive 34%. The heightened interest in XRP has not been seen for the past four months. Currently, XRP is at a crucial juncture as this surge of attention could potentially lead to further price growth and a smooth break above the resistance level of $0.613.
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2024-07-17 17:10