XRP has demonstrated an astonishing price surge of over 29% in the past 12 days, propelling its value from $0.4771 to a remarkable two-and-a-half-month high of $0.6209, marking a significant milestone for the cryptocurrency.
This surge in XRP’s value coincides with a surge in whale transactions and a notable increase in the number of wallets holding more than 10,000 XRP, valued at approximately $5,930. This surge indicates a heightened interest from both retail investors and prominent players in the crypto community, often referred to as “whales.”
Interpreting XRP’s Price Surge Through On-Chain Analytics
On-chain analytics firm Santiment shared insights on XRP’s recent performance via platform X (formerly Twitter). The data indicated a resurgence in XRP’s value and an all-time high of 277.62K wallets holding at least 10,000 XRP, showcasing a growing appetite for the digital asset.
Santiment’s data also illustrated a noteworthy uptick in the volume of whale transactions, with transactions exceeding $1 million hitting a three-month high. Specifically, October 31, 2023, recorded a total of 255 such high-value transactions.
This data paints a clear picture of XRP’s increasing price trend, underpinned by a surge in large transactions and a growing number of wallets holding significant amounts of cryptocurrency. It is evident that both “sharks” and “whales” are actively participating in the market, signaling a substantial focus on XRP.
Notably, prominent whale trackers reported several notable transactions in the past 24 hours. Ripple released 1 billion XRP from its escrow account, and Whale Alert reported transactions involving 500 million, 400 million, and 100 million XRP. Other transactions included Ripple transferring 50 million XRP to an unknown wallet and significant transfers between unknown wallets and exchanges.
Analyst Jaydee also pointed out the significance of XRP’s performance against Bitcoin (XRP/BTC). He emphasized that “smart money” appears to be respecting a multi-year trendline, highlighting its role as a robust support in XRP’s performance. The chart shows a series of significant price surges, indicating resilience and bullish momentum for XRP against Bitcoin.
XRP is currently trading at $0.5983, reflecting the ongoing positive sentiment and interest in the cryptocurrency.