As a seasoned researcher who has witnessed the crypto market’s rollercoaster ride over the past few years, I must admit that the recent surge in XRP prices has caught my attention. It seems that XRP is defying the general market trend, demonstrating resilience and outperforming other large-cap assets in the top ten.
Over the past several days, the crypto market has experienced a slight dip, yet the XRP price appears to have gained independent momentum. This typically tranquil cryptocurrency seems to be separating itself from the market, showing better performance than the other major assets in the top ten.
On Saturday, November 16, Santiment’s blockchain analysis indicated that XRP surpassed its three-year peak on Binance, the leading global exchange. Remarkably, it was the first time in over a year that XRP had reached such a price level, last seen on November 11, 2018.
Santiment Identifies Catalysts Behind XRP’s Price Surge
Santiment’s recent article on the X platform disclosed that significant token holders in the whale and shark groups have driven the recent surge in XRP prices. These specific whale and shark wallets, identified by the analytics company, contain between 1 million and 100 million tokens each.
In simpler terms, a crypto whale or shark is an individual or organization with large amounts of cryptocurrency, so much that they can significantly impact the market trends due to their holdings. Beyond directly affecting price changes, these whales also indirectly influence the market by causing other investors to follow their lead, anticipating possible shifts in the market.
Over the last week, a group of major investors, as indicated by recent on-chain data from Santiment, have accumulatively purchased approximately 453.3 million XRP tokens (valued at over $526 million). This substantial buying spree has noticeably boosted the price of XRP in the past few days.
In simpler terms, a company that analyzes transactions on blockchain has observed that large investors (whales and sharks) are acquiring most of the tokens. These tokens seem to be coming from individual traders who are selling their holdings for modest gains during the recent market surge. Furthermore, data indicates that wallets containing less than 1 million XRP have collectively sold off approximately 75.7 million XRP (equivalent to $87.9 million) over the last week.
Looking at the historical context, it could potentially benefit the value of XRP in the future if retail investors choose to sell their tokens.
In this regard, Santiment noted:
Historically, a cryptocurrency usually experiences an increase in market capitalization as its major supporters boost their investments and demonstrate increased confidence. At the same time, widespread fear among retail investors (FUD) can serve to amplify this growth trend.
XRP Price At A Glance
Currently, the value of XRP is nearly reaching $1.1, and it has significantly increased by approximately 23% in just the past 24 hours. This digital coin stands out as one of the top-performing assets when considering the weekly timeframe, surging over 116% in the last seven days.
Featured image created by Dall-E, chart from TradingView
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2024-11-17 13:11