beincrypto.com
After a prolonged period of consolidation, cryptocurrency activity has picked up this week, with global crypto market capitalization rising by 2% during that period.
This renewed momentum has prompted large investors to accumulate select altcoins. Ripple ($XRP), Litecoin ($LTC), and Toncoin ($TON) are among the assets seeing increased whale activity.
Ripple ($XRP)
Ripple’s $XRP has seen an uptick in whale activity this week. According to Santiment, large investors holding between 1,000,000 and 10,000,000 $XRP tokens have acquired 180 million tokens valued above $590 million at current market prices in the past seven days.
Apart from the improving market sentiment toward $XRP, the whale accumulation is partly driven by reports that President-elect Donald Trump is open to establishing an “America-first strategic reserve” of cryptocurrencies, which reportedly includes $XRP, among other assets.
Moreover, despite the US Securities and Exchange Commission formally beginning its appeal in the legal battle against Ripple Labs, $XRP whales have continued to buy the coin. This development has not dampened investor enthusiasm for Ripple’s $XRP, whose value climbed to an all-time high on Thursday.
Litecoin ($LTC)
Litecoin ($LTC) is another crypto asset that has caught the attention of crypto whales this week. In the past seven days, $LTC whales that hold more than 10,000 coins have acquired 300,000 $LTC worth more than $41 million.
This trend is fueled by optimism about the potential approval of a spot Litecoin exchange-traded fund (ETF) in the US. Canary Capital’s recent amendment to its S-1 registration form with the Securities and Exchange Commission (SEC) on January 15 signals progress toward making this approval a reality.
If the trend persists, $LTC’s price will climb to $147.
Toncoin ($TON)
Telegram-linked Toncoin ($TON) is among the altcoins that found favor with crypto whales this week. This is reflected by the 1048% spike in its large holders’ netflow in the past seven days.
Large holders are whale addresses that hold more than 0.1% of an asset’s circulating supply. When their netflow increases, they have accumulated more coins than they have sold during the review period.
If $TON whales continue to buy the altcoin, it may climb toward $6.