thecryptobasic.com
$XRP is experiencing renewed bullish sentiment in the market, with its impressive rally again approaching a seven-year high.
Over the last 24 hours, the price of $XRP has surged by approximately 14%. This notable jump brought the price to $2.87 today before settling at $2.84 at the time of writing.
Interestingly, while $XRP is seeing a double-digit percentage gain today, close rivals like Solana, Ethereum, and Binance Coin (BNB) are seeing gains of just around 2%. As a result, $XRP boasts the best performance among the top ten cryptocurrencies so far this year, up by 38%.
Notably, this major turnaround in $XRP’s price follows a significant spike in on-chain metrics, particularly from whales.
Whales Inject $6.4B+ into the $XRP Market
According to a report from intelligence platform Santiment, $XRP’s solitary bull run coincided with massive accumulation by whales. The report highlights that addresses holding between 1 million and 10 million $XRP have committed an additional $3.8 billion to the market.
As a result, these whales now control portfolios with a 37% increase in $XRP compared to two months ago.
Notably, their $XRP buying spree gained momentum starting November 12, 2024. Over the past eight weeks, their balances have steadily grown, accumulating an additional 1.43 billion $XRP. This has brought their total holdings to 5.11 billion $XRP tokens.
Interestingly, a separate observation by market watcher Ali Martinez further confirmed the increased whale accumulation. Martinez cited data showing deep-pocket investors bought 1.09 billion $XRP in the past seven days alone.
With $XRP trading mostly around $2.40 during this period, this indicates a fresh investment of approximately $2.62 billion from whales.
These whales typically hold between 100 million and 1 billion $XRP tokens. Now, they have a combined total of 10.53 billion $XRP in their portfolios.
Essentially, while retail investors have been concerned about $XRP price fluctuations in recent weeks, whales holding between 1 million and 1 billion $XRP see this as an opportunity to buy at a discount and continue to consolidate their holdings, contributing to the recent price momentum.
Major Spike in $XRP Whale Transactions of $100K+ and $1M+
Meanwhile, $XRP whale transactions have significantly increased in recent weeks, particularly when $XRP traded at lower levels before these activities translated into a price increase for the asset.
Santiment’s data reveals that $XRP whale transactions exceeding $100K were notably more frequent in the past week, with a total of 1,857 such transactions. Likewise, $XRP whale transactions valued over $1 million spiked dramatically in recent weeks, with a recorded count of 277.