XRP whales are on the move amid a new wave in the broader market as the altcoin is currently grinding better than most would expect. Cryptocurrency is on the rise over the past 24 hours, allowing it to outperform other large-cap cryptocurrencies on both the 24-hour and seven-day time frames. Interestingly, this rise in the ultra-bullish XRP narrative may be partly linked to an increase in whale activity. According to on-chain and exchange data, large wallets have increased their accumulation of XRP tokens.
XRP Whales on the Move
The XRP ecosystem is hname for several whales In addition to Ripple, whose actions may also signal ongoing sentiment towards the cryptocurrency. Several on-chain data points have shown large XRP transactions in recent weeks to and from exchanges. Whatever the reasons, it’s worth paying attention to massive transactions as they could either increase or decrease buying and selling pressure.
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Notably, large transactions have increased over the past 24 hours, suggesting that some whales may be accumulating XRP tokens. According to data from Whale Alerts, a crypto whale tracking service, 23.2 million XRP worth $13.58 million was recently transferred from Binance to a private wallet.
🚨 23,216,582 #XRP (13,587,688 USD) transferred from #Binance for unknown wallethttps://t.co/hw9Tr12AN9
– Whale Alert (@whale_alert) July 16, 2024
Shortly after, there was another transfer of 25.2 million XRP worth $14.9 million from Binance to another unknown wallet.
🚨 25,247,582 #XRP (14,907,202 USD) transferred from #Binance for unknown wallethttps://t.co/a5HaenCO7a
– Whale Alert (@whale_alert) July 16, 2024
Data from on-chain analytics platform Santiment also supports this whale accumulation narrative. A metric that tracks wallet balances holding between 100,000 and 1 million XRP has increased significantly since last week. The number of addresses in this cohort currently stands at 30,722, which is an increase of 122 addresses from the 30,600 addresses recorded at the beginning of July.
Similarly, the large holders metric shows that five new addresses have joined the ranks of addresses holding between 10 million XRP tokens and 100 million XRP tokens since July 13. There are currently 262 addresses in this cohort. While the increase is relatively small compared to the total number of holders, their significance cannot be overstated. Their substantial control over the token supply makes them key players in the altcoin’s price.
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As noted on social media platform X by Santiment, this surge in accumulation has brought the total number of XRP tokens held by addresses with more than 100,000 coins to 51.29 billion, its current all-time high.
🐳📈 XRP has climbed above $0.58 for the first time since the market-wide pullback on April 12. This recovery is supported by increasing levels of coin acquisition from whales and sharks with over 100K XRP coins. A notable turning point in supply accumulation began last August. pic.twitter.com/nBNsAfnoiw
– Santiment (@santimentfeed) July 16, 2024
At the time of writing, the altcoin is trading at $0.6136 and is up 13% and 34% in the last 24 hours and seven days, respectively. Interest in XR has now reached its highest level in four months. The altcoin is now at a critical price point as this surge in interest could see the price of XRP continue to rise andeasily break up resistance at $0.613.
Featured image created with Dall.E, chart from Tradingview.com