u.today
$XRP, the third largest cryptocurrency by market capitalization, has seen a massive price gain, reaching a near-seven-year high of $2.90, last seen in January 2018.
Large holders, referred to as whales, have been moving $XRP at an unprecedented rate, with on-chain analytics platform CryptoQuant reporting substantial $XRP whale activity.
In a recent analysis, CryptoQuant stated that "Since its launch, $XRP has never captured the attention of whales to this extent," adding that "$XRP whale activity has reached an all-time high."
$XRP Whale Activity Hits All-Time High!
— CryptoQuant.com (@cryptoquant_com) December 2, 2024
“#$XRP whale activity is at an all-time high, indicating that $XRP has now been embraced as a valuable asset by whales.” – By @theKriptolik
More details 👇https://t.co/OfKdPLUkn0 pic.twitter.com/bsukMB4vFP
At the time of writing, $XRP was up 15.23% in the last 24 hours to $2.71, having reached intraday highs of $2.90 during today's trading session. $XRP has marked six consecutive days of gains since Nov. 27, with the market eying the $3 price target next.
Weekly, $XRP is up 106%, and it has gained 440% in the last 30 days. Large holders, or whales, seem to be playing a key role in contributing to $XRP's recent massive price rise.
According to Ki Young Ju, CEO of cryptoQuant, Coinbase whales may be fueling the $XRP boom, as Coinbase's minute-level price premium has varied between 3% and 13% over the previous 30 days. Meanwhile, Upbit, a Korean exchange with more $XRP investors than Binance, demonstrated no significant premium.
$XRP whales accumulating
On-chain analytics firm Santiment recently reported that wallets with 1 million to 10 million $XRP have accumulated 679.1 million tokens, currently worth $1.66 billion, in the last three weeks. In addition, the total number of nonempty $XRP wallets has surpassed 5.5 million for the first time in the coin's eight-year lifetime.
Ali, a crypto analyst, highlighted that $XRP whales bought an additional 160 million $XRP over the weekend, valued at around $380 million.
In a recent tweet, Santiment stated that network growth is robust across multiple altcoins, including the $XRP Ledger. On Sunday alone, $XRP received 22,357 new wallets.
The effect might be in the short term, and prices may be volatile due to increased retail engagement. However, it is a promising sign in the long term to see rising levels of utility on any asset's blockchain.