XRP Whales Are On The Move Again – Here’s What They’re Doing This Time
July 17 2024 - 10:00AM
NEWSBTC
XRP whales are on the move amidst a new surge in the wider market
as the altcoin is currently grinding better than most would expect.
The cryptocurrency has been on a roll in the past 24 hours, which
has enabled it to outperform other large market-cap
cryptocurrencies in both the 24-hour and seven-day time frames. It
is interesting to note that this surge in the ultra-bullish XRP
narrative can be partly linked to an increase in whale activity.
According to both on-chain and exchange data, large wallets have
increased their accumulation of XRP tokens. XRP Whales On The Move
The XRP ecosystem is home to various whales besides Ripple whose
actions may also signal the ongoing sentiment for the
cryptocurrency. Various on-chain data has shown large XRP
transactions in the past few weeks to and from exchanges. Whatever
the reasons, massive transactions are worth paying attention to as
they can either increase or decrease buying and selling
pressure. Related Reading: Crypto Analyst Says Telegram-Based
Notcoin Is Ready To Fly, Here’s How High Notably, large
transactions have increased in the past 24 hours, suggesting some
whales might be accumulating XRP tokens. According to data from
Whale Alerts, a crypto whale tracking service, 23.2 million XRP
worth $13.58 million was recently transferred from Binance to a
private wallet. 🚨 23,216,582 #XRP (13,587,688 USD) transferred from
#Binance to unknown wallethttps://t.co/hw9Tr12AN9 — Whale Alert
(@whale_alert) July 16, 2024 Shortly after, there was another
transfer of 25.2 million XRP worth $14.9 million from Binance to
another unknown wallet. 🚨 25,247,582 #XRP (14,907,202 USD)
transferred from #Binance to unknown wallethttps://t.co/a5HaenCO7a
— Whale Alert (@whale_alert) July 16, 2024 Data from the on-chain
analytics platform Santiment also supports this whale accumulation
narrative. A metric that follows the balances of wallets holding
between 100,000 and 1 million XRP has significantly increased since
last week. The number of addresses in this cohort currently stands
at 30,722, which is an increase of 122 addresses from 30,600
addresses recorded at the beginning of July. Similarly, the large
holder metric shows that five new addresses have joined the number
of addresses holding between 10 million XRP and 100 million XRP
tokens since July 13. There are currently 262 addresses in this
cohort. Although the increase is relatively small compared to the
total number of holders, their importance cannot be overstated.
Their substantial control over the token supply makes them key
players in the price of the altcoin. Related Reading: Analyst Says
Solana Price Could Rise 450% To $840 – Here Are The Drivers As
noted on social media platform X by Santiment, this increase in
accumulation has pushed the total number of XRP tokens held by
addresses holding over 100,000 coins to 51.29 billion, its current
all-time high. 🐳📈 XRP has now climbed above $0.58 for the
first time since the market-wide retrace back on April 12th. This
rebound is supported by climbing levels of coin hodling from whales
and sharks with 100K+ XRP coins. A noticable turning point in
supply accumulation began last August. pic.twitter.com/nBNsAfnoiw —
Santiment (@santimentfeed) July 16, 2024 At the time of writing,
the altcoin is trading at $0.6136 and has been up 13% and 34% in
the past 24 hours and seven days, respectively. Interest in XR has
now reached its highest level in four months. The altcoin is now at
a critical price as this surge in interest could cause the price of
XRP to continue climbing and easily break above resistance at
$0.613. Featured image created with Dall.E, chart from
Tradingview.com
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