Key Reason for 36% XRP Price Jump Explained by Analysts

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As a seasoned cryptocurrency analyst with years of experience observing market trends and tracking whale activities, I find Santiment’s analysis intriguing. The recent XRP price surge of over 36% within ten days is an interesting development, and the team’s observation that large whales have been accumulating XRP adds significant weight to this observation.

Expert: Santiment, a well-known data aggregator operating on the blockchain, has provided insight into one of the primary causes behind the recent significant increase in XRP‘s price. The team at Santiment shared a chart on Twitter, accompanied by a commentary about the surge in XRP prices that occurred over the past ten days.

I’ve observed that XRP has once again tried to surpass the $0.56610 mark during this week, but unfortunately, it retreated following an unsuccessful attempt.

XRP 36% price surge explained by Santiment

Based on Santiment’s tweet, there has been a notable increase in large-scale XRP purchases by whales. This accumulation activity apparently contributed to the significant price rise of XRP by approximately 36% that occurred from July 7 to 13.

Large cryptocurrency investors, holding between 10 million and 100 million XRP, amassed around $300 million worth of XRP from July 12 to 15. Similarly, wallets holding between 100,000 and 1,000,000 XRP acquired a comparable quantity of this digital currency during the same period.

Observing the notable increase in XRP hoarding by these influential players, it’s worth noting that this trend seemed to contribute significantly to the impressive +36% price rise observed between July 7th and 13th. Keep a close watch on whether these pivotal figures persist in stockpiling XRP.— Santiment (@santimentfeed) July 15, 2024

In addition, Santiment’s other post indicated that XRP, like LTC, has been experiencing significant FOMO among cryptocurrency enthusiasts. This heightened excitement from the crowd could potentially lead to increased risk and potential reward for investors in XRP this week. It is strongly advised that traders and investors conduct thorough research before making any purchasing decisions.

XRP price performance

Over the last seven days, XRP, the seventh largest cryptocurrency, has shown notable price increase.

Over the past few days, XRP has made two attempts to surpass the $0.56610 mark, but each attempt was met with heavy selling at those levels. The price dropped by approximately 7% on Saturday and around 6% earlier today, causing the current value of XRP to be $0.54238 as I write this.

Whales shovel 138 million XRP

As a seasoned blockchain analyst with years of experience under my belt, I’ve come across many intriguing occurrences within the cryptocurrency world. One such event that recently piqued my interest was the series of significant XRP transactions detected by the renowned blockchain watchdog, Whale Alert.

As a crypto investor, I recently noticed that approximately 28 million XRP, worth around $15 million at current market rates, were transferred from an anonymous source to the Bitstamp exchange.

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2024-07-16 11:23