The activity on the XRP network has sparked excitement within the community, as it’s seen a significant increase in high-value transactions. As per Ali Martinez, an expert in XRP chain analysis, there’s been a notable spike in transactions exceeding $1 million on the network.
XRP whale activity signals confidence
It’s worth noting that transactions exceeding $1 million are typically made by major investors or ‘whales’, who hold a large quantity of XRP tokens. This is a crucial sign of the activity happening within the XRP market. Essentially, it implies that significant amounts of value are being moved around within the XRP network by its users.
Over the last day, there’s been a significant increase in high-value transactions (over $1 million) on the XRP network, with a total of 341 such transactions recorded, as per data from Santiment Feed.
— Ali (@ali_charts) January 15, 2025
In a 24-hour period, Santiment identified 341 transactions with a total value exceeding $1 million on the XRP network. Such a surge in activity might indicate increasing trust among large investors, or ‘whales’, in the XRP system.
Currently, the value of XRP is being traded at approximately $2.83, representing a 9.14% rise over the past 24 hours. Moreover, the trading volume has experienced a significant surge by 38.22%, reaching an impressive $13.52 billion.
Viewing the network transactions relative to today’s market price indicates a significant volume of XRP has been transacted through the network.
For every one million dollars’ worth of transactions, roughly 353,356 XRP are used. This means that the total XRP traded in just the 341 transactions amounted to at least 120,400,000 XRP within a 24-hour period.
Outlook for XRP
Beyond what’s already been done by individual investors buying under a million, this substantial amount also falls into the category being examined within the specified period.
Currently, Ripple‘s XRP is experiencing a surge due to optimistic market feelings, reaching a one-month peak. This growth is fueled by rumors about an upcoming XRP exchange-traded fund. Consequently, the price is approaching the $3 barrier as it fluctuates between a low of $2.55 and a high of $2.89.
Observers are closely monitoring whether the current optimistic mood and broader market conditions might enable XRP to surpass crucial resistance points and surpass its previous record peak ($3.84), which it reached in January 2018.
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2025-01-15 16:10