The price of XRP experienced significant growth recently, surpassing $0.60 for the first time since April 2024. This surge is attributed to a confluence of factors, including rising investor confidence and strategic accumulation by large holders.
Whale Accumulation and Bullish Signal
Market intelligence platform Santiment reveals a key driver behind the price increase: a significant rise in holdings by whales and sharks, entities holding 100,000 XRP or more.
These large wallets collectively own a record-breaking amount of XRP, exceeding 51.59 billion, which translates to roughly 85% of the total supply. This concentration of ownership, reaching an 11-month high, signifies strong confidence among major investors in XRP’s future potential.
The correlation between the accumulation and XRP’s price movement is further substantiated by Santiment. The chart provided demonstrates a clear alignment between the growth of large wallet holdings and the positive price trajectory of XRP. This substantial accumulation by whales and sharks can be interpreted as a bullish signal, indicating their belief in XRP’s long-term value proposition.
Positive Sentiment Emerges
Complementing the on-chain activity, Santiment’s analysis also highlights a shift in investor sentiment towards XRP. The recent price appreciation has demonstrably triggered a surge in positive sentiment surrounding cryptocurrency. The data reveals a clear transition in weighted sentiment for XRP from negative to positive territory, reflecting a more optimistic outlook from market participants.
This positive sentiment stands in stark contrast to the prevailing atmosphere around Cardano (ADA). Currently, ADA is experiencing its most bearish sentiment in over a year, likely fueled by its price slump of 43% over the past four months.
This negative view is reflected in the deeply weighted sentiment reading for ADA on the Santiment chart. It’s important to note that while Bitcoin (BTC) and Ethereum (ETH) also exhibit negative weighted sentiment, the intensity is not as pronounced as with ADA.
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Large-Scale XRP Transactions and Market Activity
Further supporting the positive momentum surrounding XRP is a recent whale alert report that details a transfer of 150 million XRP by Ripple, coinciding with a 40% price surge and a new monthly high of $0.6221 for XRP.
Additionally, trading volume witnessed a significant increase, with market participants exchanging a staggering $3.49 billion worth of XRP within 24 hours. This represents a substantial 40% hike compared to the previous day’s trading activity.
These developments and earlier reports in May highlighting sustained accumulation patterns among whale addresses show growing investor interest in XRP. The combined effect of these factors has demonstrably propelled XRP’s price upwards, exceeding the key threshold of $0.60 for the first time in several months.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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