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.