Highlights:
- XRP whale accumulation has hit a record level with over 40 billion token procurements.
- XRP market actions have witnessed a marked increment in the past seven days with an over 40% upswing.
- The remarkable price movements saw XRP break above $0.77 for the first time since four months ago.
According to the renowned analytical intelligence outlet Santiment, XRP whales have become more active, evidenced by domineering token accumulations. In one of its most recent tweets, Santiment noted that XRP’s large spenders now hold a combined 45.61 billion tokens.
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It is worth noting that XRP whales, based on Santiment qualifications, are investors with over one million token stores. Meanwhile, the over 40 billion accumulated XRP marked the highest ever holdings XRP big spenders have ever amassed in over six years. Part of the analytical intelligence firm stated: “Wallets with at least 1M XRP now hold a combined 45.61B tokens, their highest amount held since June 2018.”
It is worth noting that 2018 remains one of XRP’s most profitable years. Notably, the Ripple-dedicated token attained its all-time high (ATH) when it clinched the $3.4 level in January 2018. Unfortunately, the token did not partake in the 2021 rally because of the United States Securities and Exchange Commission (SEC) lawsuit against Ripple in late 2020. The SEC’s lawsuit claimed that XRP qualifies as a security asset. Since then, the legal dispute has blown into a protracted to-and-fro court battle spanning almost four years.
Moreover, Santiment spotted a considerable increment in the accumulation pattern over the past two years. Per the on-chain analytical platform, the past 24 months saw large-scale investors (whales and sharks) procure an additional 3.44 billion XRP. Santiment noted that the extra token procurements signified an 8.16% increment in accumulation trend over a two years interval.
🐳 Wallets with at least 1M XRP now hold a combined 45.61B tokens, their highest amount held since June, 2018. In the past 2 years, whales & sharks have reversed course and accumulated 3.44B more XRP, a +8.16% increase. Traders have enjoyed a +40% return in the past 7 days. pic.twitter.com/nzYNU3CJyW
— Santiment (@santimentfeed) November 14, 2024
XRP Price Skyrockets to Hit a 4-Month High
Aside from an impressive accumulation trend, Santiment spotted a remarkable pattern in XRP’s price actions. Per the analytical outlet, the past seven days saw XRP surge by about 40%. With the significant price jump, Santiment noted that XRP soared to a four-month high. Meanwhile, in its attached chart, the data intelligence firm mentioned that XRP finally broke above the $0.77 price level.
At the time of press, CoinGecko’s data revealed that XRP is changing hands at roughly $0.8, reflecting a 15% upswing in the past 24 hours. The past seven days saw the token appreciate by about 45.4%, with minimum and maximum price levels ranging between $0.5464 and $0.8276. The 7-day price extremes and increment data resonated with Santiment’s assertion, underscoring a stellar XRP performance.
Aside from the above price change variables, other extended-period data reflected significant upswings. For context, XRP’s 14-day-to-date and month-to-date statistics reflected spikes of about 55.3% and 47.8%, respectively. Moreover, XRP currently ranks as the seventh most valuable cryptocurrency, with about $45.6 billion in market capitalization. Its 24-hour trading volume is up by about 72.05 billion, boasting roughly $11.14 billion in valuation.
XRP’s Potential Future Outlook
Like every other cryptocurrency, XRP appears poised for massive price expansion. The domineering accumulations spotlighted in this insight signify potent faith in the token’s future. With whales significantly amassing the token, the Fear of Missing Out (FOMO) syndrome will continue to rise, which invariably implies more XRP procurements from large-scale and retail traders.
On a positive note, the SEC’s legal dispute with Ripple will likely conclude soon, especially with Donald Trump as the US president-elect. Trump vowed to sack SEC chairman Gary Gensler in one of his numerous campaigns. From all indications, the president-elect is showing tendencies of keeping to his words. If such happens, XRP will assume an unprecedented price appreciation once market conditions are favorable.
$XRP Historic Breakout Incoming 📈
In all my years of trading crypto I have NEVER seen a 7 year long bull pennant
We might be about to witness one of the most significant breakouts in crypto history pic.twitter.com/X4H5otlcAM
— Crypto Michael (@MichaelXBT) July 17, 2024
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