XRP has experienced a significant surge in its price, surpassing the $3.2 mark as on-chain data reveals that the cryptocurrency is among the altcoins witnessing a substantial increase in whale activity. According to a recent report by Santiment, the Whale Transaction Count for XRP has seen a notable spike in the past week, indicating heightened activity among large investors in the XRP network.
The Whale Transaction Count metric tracks the total number of transfers on a blockchain network that involve a value of over $100,000. This indicator provides insight into the level of activity among whale entities, which are typically capable of moving significant amounts of assets in a single transaction. A high Whale Transaction Count suggests increased trading activity among large investors, while a low count may indicate reduced interest from whales in the cryptocurrency.
Among the altcoins with a market cap exceeding $500 million, XRP has witnessed an 81% increase in Whale Transaction Count over the past week. While this growth percentage may be lower compared to some other altcoins, it is particularly impressive considering XRP’s substantial market cap. The surge in whale activity for XRP implies a significant rise in the number of transactions involving large investors on the blockchain.
High levels of whale activity can often lead to price volatility in an asset. In the case of XRP, the increased whale transactions appear to be predominantly for buying purposes, as the cryptocurrency has seen a remarkable price rally of nearly 41% during this period. This surge in price aligns with the heightened whale activity on the XRP network, indicating a strong interest from large investors in acquiring XRP.
While XRP has shown significant growth in whale activity and price appreciation, it is essential to note that the nature of these transactions does not provide information on whether whales are buying or selling the asset. However, the correlation between increased whale activity and price surge in XRP suggests a positive sentiment among large investors towards the cryptocurrency.
Currently, XRP is trading around $3.2, experiencing a slight decline of 2% over the last 24 hours. The price chart for XRP reflects the recent surge in price, highlighting the impact of increased whale activity on the cryptocurrency’s market performance.
Overall, the surge in whale activity for XRP indicates a growing interest from large investors in the cryptocurrency, potentially driving further price movements in the near future. As the cryptocurrency market continues to evolve, monitoring whale transactions can provide valuable insights into market trends and investor sentiment towards specific assets like XRP.