XRP has surged past $0.60, a milestone not seen since April. This price jump is fueled by increased holdings from large investors, known as whales and sharks, who own 100,000 or more tokens. The market intelligence platform, Santiment, highlights this upward trend, noting a significant rise in whale holdings since last August.
Santiment’s recent data shows that wallets holding 100,000 or more XRP coins have reached a record high, now possessing 51.59 billion tokens. This represents 85% of the total token supply, the highest concentration in 11 months. The accumulation by these large holders has directly influenced the token’s price, reflecting strong confidence among significant investors, a clear bullish signal.
Trader sentiment towards XRP has mirrored its price rise. Santiment’s analysis indicates a positive shift in weighted sentiment following the token’s price increase. In contrast, Cardano (ADA) faces heavy bearish sentiment, its highest in over a year. ADA’s price has dropped 43% over the past four months, contributing to this negative outlook. Comparatively, Bitcoin (BTC) and Ethereum (ETH) also have negative sentiments, but not as severe as ADA.
Spike in XRP Transactions
Ripple’s recent activities include transferring 150 million XRP amid a 30% price surge. Local media reported this move, which brought the token to a new monthly high of $0.602. Trading volumes have also skyrocketed, with $3.26 billion worth of tokens exchanged in just 24 hours, a 40% increase from the previous day.
Earlier reports from May pointed to sustained accumulation patterns among large XRP addresses. Those holding between 1 million and 10 million XRP have been consistently increasing their holdings. This steady accumulation hints at a strong, underlying confidence in the token’s future potential.
The climb of XRP above $0.60 marks a significant moment for the cryptocurrency, driven by substantial whale holdings and bullish market sentiment. The increase in large-scale transactions and trading volume underscores the renewed interest and confidence in the token, setting the stage for potential future gains.
