XRP Whale Activity Soars as Price Jumps
The number of cryptocurrency wallets holding at least 1 million XRP tokens has reached an all-time high, coinciding with a significant price increase. This surge in XRP whale activity is sparking excitement in the market.
XRP Whale Accumulation Reaches New Highs
According to on-chain analytics platform Santiment, the count of wallets holding over 1 million XRP tokens has climbed to a record 2,743. Not only has the number of these large holders increased, but the total amount of XRP they control is also growing. This signifies substantial accumulation by major investors.
Santiment reported that 47.32 billion XRP tokens are currently held by these whales. This represents a significant portion of the total XRP supply and further underscores the strength of their collective holdings.
Source: Santiment
Price Surge and Short Squeeze
XRP's price has seen remarkable growth, rising 26% in the past week, reaching $2.80 at the time of writing (according to CoinMarketCap). This rally included a 10% spike in the last 24 hours alone. This sharp increase also triggered a short squeeze, liquidating $31.44 million in XRP short positions (data from CoinGlass).
Source: CoinMarketCap
This recent price action contrasts with the relatively flat period from June, where the price consolidated for almost 200 days within a range of $1.90 to $2.90.
Altcoin Season Begins?
Santiment suggests this XRP rally is part of a broader altcoin market upswing, fueled in part by Bitcoin hitting consecutive all-time highs. Ether also saw significant gains, up 17.51% for the week. The platform's data indicates that altcoin season may have begun, suggesting further gains for altcoins if Bitcoin maintains its position above $110,000.
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Disclaimer: This information is for educational purposes only and is not financial advice.