In a significant development, XRP, the native token of Ripple, has broken past the $0.60 barrier for the first time since April 2024. This price surge is attributed to a growing trend of large investors, known as “whales” and “sharks” (holding 100,000 or more tokens), accumulating XRP. Market intelligence platform Santiment reveals a sharp rise in whale holdings since last August, with a record high being reached recently.
Whales Drive the Ship: Record High Holdings Signal Confidence
Santiment’s data paints a clear picture: wallets holding substantial amounts of XRP (100,000 or more) now control a staggering 51.59 billion tokens. This translates to a whopping 85% of the total coin supply, the highest concentration in over a year. This large-scale accumulation by whales directly impacts the token’s price, indicating strong investor confidence and a bullish signal for XRP.
Investor Sentiment Reflects Price Action: XRP Shines, ADA Dims
Trader sentiment seems to be mirroring the price action for coin. Santiment’s analysis suggests a positive shift in sentiment towards XRP following the price increase. This positive outlook stands in stark contrast to Cardano (ADA), which is experiencing its highest level of bearish sentiment in over a year, coinciding with a 43% price drop in the last four months. While Bitcoin (BTC) and Ethereum (ETH) also face negative sentiment, it’s not as severe as ADA’s.
Transactions Spike as XRP Gains Momentum
Ripple’s recent activities have further fueled the coin rally. Local media reported a 150 million XRP transfer by Ripple that coincided with a 30% price surge, propelling the token to a new monthly high of $0.602. Trading volumes have also seen a significant rise, with a staggering $3.26 billion worth of XRP exchanged in just 24 hours, reflecting a 40% increase from the previous day.
A Trend in Motion: XRP Accumulation Continues
Earlier reports from May highlighted a consistent accumulation pattern among large coin addresses, specifically those holding between 1 million and 10 million XRP. This steady accumulation suggests a strong underlying belief in XRP’s future potential.
XRP’s Future: Will the Whales Steer the Course?
The recent surge above $0.60 marks a significant milestone for coin, driven by substantial whale holdings and a positive shift in market sentiment. The increase in large-scale transactions and trading volume underscores the renewed interest and investor confidence in the token. However, whether this rally signifies a long-term bullish trend or a temporary spike remains to be seen. Only time will tell if the whales will continue to steer XRP’s course towards calmer waters or if this is merely a ripple in the vast ocean of cryptocurrency.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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