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Key Takeaways
- Whale interest in XRP is at an all-time high, with 2,743 wallets now holding over 1 million tokens.
- XRP has surged 26% in a week, reaching $2.80 and liquidating over $31 million in short positions.
- Altcoin season appears to be underway, fueled by a broader market rally and rising investor confidence.
XRP is back in the spotlight as its price surges and whale activity intensifies. According to on-chain analytics platform Santiment, the number of crypto wallets holding at least 1 million XRP tokens has hit an all-time high of 2,743. This milestone coincides with a 26% price increase for the digital asset over the past week.
47.32 Billion XRP Tokens Now Held by Whales
Santiment reports that a total of 47.32 billion XRP tokens—nearly half of the asset’s total supply—are now held by wallets with 1 million or more tokens. This notable accumulation suggests growing confidence among large investors, often referred to as whales.
“Not only are there more XRP whales than ever, but the total supply they hold is also increasing,” Santiment noted. The rise in both the number and the holdings of whale wallets is seen as a bullish indicator, signaling potential long-term support for the asset.
XRP Surges to $2.80, Wipes Out $31M in Shorts
XRP is currently trading at $2.80, up 10% in the last 24 hours alone. The rally has been powerful enough to liquidate $31.44 million in short positions, according to data from CoinGlass. This sudden price movement follows nearly 200 days of consolidation, where XRP fluctuated within the $1.90–$2.90 range.
Just a month ago, traders were divided on the asset’s next direction. Now, sentiment has clearly shifted, with market indicators showing strong upside momentum.
Altcoin Season Has Officially Begun, Says Santiment
XRP’s breakout is part of a broader altcoin rally. Bitcoin recently set three consecutive all-time highs, climbing as high as $118,780. Ethereum has also surged, gaining 17.5% over the past week to trade at $2,958.
Also Read: XRP Jumps 7% to $2.60 with $9.63 Target Amid BlackRock ETF Speculation
Santiment believes the market is entering an “altcoin season,” a period where alternative cryptocurrencies outperform Bitcoin. “As long as Bitcoin can maintain its position above the crucial psychological support level of around $110k, traders will likely feel comfortable redistributing profits into altcoins,” the firm said.
The combination of record-breaking whale accumulation, strong price action, and positive market sentiment is creating the perfect storm for the coin.
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.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
