Is the Spike in XRP Whales Hitting a Six-Month Peak a Bullish Indicator?

Highlights:

XRP whale accumulations have spiked to hit a six-month high.
XRP’s price actions correlate with surging whale activities.
Whale accumulations could stem from a possible SEC vs. Ripple legal dispute conclusion this year.

XRP whales have hit a six-month high, eliciting reactions and concerns about its implications for the token’s price. XRP’s recent feat implies significant faith in the prospect of coin expansion despite the prevailing unfavorable factors.

XRP Whales Recent Accumulation Details

Taking to its official X handle, Santiment reported an overview of XRP’s whale accumulations in recent weeks. Per the data analytical platform, the past five weeks saw a remarkable jump in wallets holding at least 10K XRP. The post revealed that XRP whale investors are presently 279.4K on the XRP Ledger, following recent 2,389 inclusions.

In addition, Santiment noted that the recent surge has culminated in revisiting a six-month peak in XRP whales investors. Aside from merely retouching a former landmark, the analytical platform stated that the impact was visible in XRP’s prices throughout 2024. “The correlation between these wallets and XRP’s market value has been undeniable throughout 2024,” Santiment remarked.

Furthermore, the Santiment chart disclosed that during XRP accumulations by whales, the coin had gained on Bitcoin (BTC). Subsequently, this insight will dwell on XRP’s price and market actions to assess how well the token has fared in 2024.

Meanwhile, it is worth noting that the surge in XRP’s whales has no implications other than a potential bullish outlook. Hence, chances abound that XRP could be in for something massive in the coming weeks and months, especially at this market cycle’s peak.

🐳🦈 The amount of wallets holding at least 10K XRP has skyrocketed in the past 5 weeks. 279.4K such shark & whale addresses exist on the ledger, returning to a 6-month high. The correlation between these wallets and XRP's market value has been undeniable throughout 2024. 👍 pic.twitter.com/JRT3629sJH

— Santiment (@santimentfeed) July 30, 2024

XRP’s Present Market Readings

At the time of press, XRP is up by 7% in the past 24 hours, trading at about $0.64. Impressively, XRP’s price changes across specific periods indicated price jumps, implying a seemingly bullish outlook. For context, XRP’s 7-day-to-date, 14-day-to-date, and month-to-date variables indicated price increments of about 6.1%, 5.1%, and 33.8%, respectively.

Other relevant statistics revealed that XRP is currently the sixth most valuable cryptocurrency, with an approximated $35.8 billion market capitalization. Its trading volume is up by an incredible 143.5% with a $2.9 billion valuation.

Risk Assessment Highlights Key Negatives in XRP’s Market Actions

While XRP’s market readings might seem impressive in the short-term evaluation, Coincodex’s risk assessment has stated otherwise for its long-term indices. Per Coincodex, XRP’s price is down by about 7% from the previous year and below its peak price by 84%. Additionally, 85% of the top 100 ranked cryptocurrencies surpassed XRP in market actions, including Bitcoin and Ethereum (ETH).

Meanwhile, the XRP’s risk assessment showed some positive results. They include trading above its 200-day Simple Moving Average (SMA), 21 green days in the past 30 days, and high liquidity based on XRP’s market cap. Other statistics unrelated to risk assessment pointed out that volatility is very high at 13.57%. Sentiment remains bullish, while the “Fear & Greed Index” indicated greed at 61.

XRP Whales Possible Accumulations Catalysts

While many factors could be driving the XRP whale accumulation surge, the most relatable catalyst will likely stem from a potential lawsuit conclusion. The United States Securities and Exchange Commission (SEC) is in a protracted lawsuit with Ripple, XRP’s primary distributor.

Following several back and forth, news broke out that the legal dispute will likely conclude this year. Market participants have speculated that the SEC’s closed-door Sunshine Act meeting on August 1 might look into the dispute, with a possible settlement in sight. Other catalysts could stem from the outcome of the United States presidential election. Donald Trump, one of the running mates, vowed to sack the SEC chairman, Gary Gensler, if re-elected.