The waters seem to be churning for XRP, and whales are leading the charge. Recent market data reveals a significant surge in whale accumulation, coinciding with a remarkable rebound in XRP’s price.
Market analyst Ali Martinez, citing data from Santiment, unveiled a compelling trend: whales have been accumulating massive amounts of XRP. Over 140 million XRP, valued at roughly $84 million, were scooped up by these influential investors over the past week. This activity is reflected in Santiment’s charts, showcasing a clear link between whale holdings and XRP’s price movements.
Whale Activity Paints a Bullish Picture
Martinez’s chart highlights the correlation between whale action and XRP’s price. As the blue area representing whale holdings (addresses with 1-10 million XRP) expands, the price chart displays a clear uptrend starting this week. This translates to investors accumulating millions of XRP, contributing to the recent price surge.
The impact of whale accumulation is undeniable. Just two weeks ago, XRP hovered around $0.385. However, a staggering 65% increase propelled the price to $0.6366 last week – its highest point since April. This uptrend coincides with the influx of whale-sized purchases, suggesting a causal link.
More Than Just Whales: A Broader Investor Base
The good news for XRP doesn’t stop there. Market data reveals a steady climb in the total number of XRP holders throughout 2024. Notably, there has been a significant rise to 5.25 million holders during the recent price surge. This indicates that not only whales but also a wider range of investors are showing increased interest and confidence in XRP, likely fueled by the recent whale activity.
XRP’s recent performance is even more impressive when compared to the established altcoin leader, Ethereum (ETH). XRP managed to outperform ETH by a staggering 34.24% over the past two weeks. This means an investor who chose XRP during the dip could have enjoyed significantly higher returns than ETH. This dominance underscores XRP’s strong market position and the undeniable influence of whale activity on its price trajectory.
XRP’s Momentum Continues
Currently, XRP is trading at $0.6027, reflecting a 7.67% increase over the past week and a 24-hour trading volume of $1.74 billion. With whales placing their bets and a broader investor base joining in, XRP’s future appears increasingly bright.
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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