XRP and Ripple have been in the news almost daily for the past few months due to developments in the SEC’s case and the increase in the token’s price value since December. However, recently, the excitement in question has been provoked by the XRP whales of the market. Over the past few days, these whales have continued to accumulate large amounts of tokens.
Santiment’s measurements point to a similar situation. Commenting on the subject on Twitter, Ali Martinez, technical and on-chain analyst:
“XRP whales went on a buying spree. Santiment reveals that 19 new addresses with more than 1,000,000 XRP have joined the network since April 23. More upside pressure could take this cryptocurrency to new annual heights. ” He commented.
With the increase in the number of “big investors” in the XRP market, whales currently hold over $ 1.4 billion in this altcoin. The buying spree has a positive effect on the crypto market in general, with altcoin generally leading the altcoin rally for the past few months.
At the time of writing, the cryptocurrency seems to have seen an almost 40 percent increase in the past week alone. Exchanges that have re-listed XRP on their platforms due to increased demand or “popular demand” are thought to have played an important role in the ongoing rally of XRP.
Take Phemex itself. After he re-listed XRP on Wednesday, the 24-hour volume of the token on the exchange reached over $ 66 million. In addition to the re-listings, developments in the ongoing lawsuit also had a positive impact on the altcoin’s price.
Despite these, whales buying XRP could be the main driving factor behind the crypto price surge. The number of addresses with more than 1,000,000 XRP increased by 1.25 percent, and around 19 whales joined the network during this time.
Moreover, the good performance of the altcoin also drives more XRP transfers. Think about this – XRP worth more than $ 15 million was transferred from the crypto exchange Crypto.com to an unknown wallet just five days ago.
At the time of writing, technical indicators for XRP were showing that the altcoin is heading for a bull run where it will have a market value of over $ 71 billion. At the time of writing, the price of the token was trading just below $ 1.6, a level not seen since April 17, according to CoinMarketCap data.
However, as well as XRP whales, Bitcoin whales are also accumulating their flagship cryptos, which contributes to some rebound in BTC’s price charts.