XRP has seen a remarkable increase of over 29% in value over the past 12 days. The price rose from $0.4771 to a two-and-a-half month high of $0.6209 yesterday.
Sharks and whales make a splash
This impressive price rise coincides with an increase in whale transactions as well as the number of wallets containing more than 10,000 XRP (worth approximately $5,930), indicating increased interest from investors individuals as well as large investors, commonly called “whales” in the United States. the crypto community.
On-chain analytics company Santiment sharing via All along this way back we saw the whales gradually becoming more involved. Additionally, there are now a record 277.62 thousand wallets containing at least 10,000 XRP.
Santiment presented the chart below and said the ledger showed a notable increase in the number of wallets holding 10,000 coins or more, with the current number surpassing 277.6k. Additionally, trading volume with whales increased significantly, with those exceeding $1 million reaching their highest level in three months. To be precise, on October 31, 2023, there were a total of 255 high-value transactions.
Santiment’s data provides a clear visual representation of the upward trend in the price of XRP, which is further highlighted by the corresponding increase in large transactions and the number of whale wallets. With an obvious increase in “shark” and “whale” activity, the market appears to be attracting the attention of big players.
Remarkably, the most popular whale tracker on X reported many whale transactions in the last 24 hours. First of all, as usual for the 1st of the month, Ripple released 1 billion XRP from the escrow account. Whale alert reported 3 transactions of 500 million, 400 million and 100 million XRP.
In addition, other interesting transactions took place. So, Ripple transferred 50 million XRP (approximately $29.87 million) to an unknown wallet. 24.9 million tokens (approximately $14.9 million) were transferred from an unknown wallet to Bitstamp. Additionally, 30 million XRP (approximately $17.2 million) was transferred from Bybit to an unknown wallet.
Smart Money buys XRP
Analyst Jaydee turned its focus on the XRP/BTC chart, suggesting that savvy investors find more than just price ticks and candlesticks. He note, “I pay more attention to the XRP/BTC chart. Smart money respects the multi-year trendline.
The multi-year trendline in the 1-week chart, accentuated by four points of contact, acted as crucial support for the altcoin when paired with BTC. Each contact with this line resulted in a significant price increase, highlighting its role as a strong line of defense against downward pressure.
The chart further shows dramatic price increases. At one point, a bull rally catapulted the price by a staggering 415%. This was not an isolated incident. Subsequent surges of 230%, 101%, and 60% followed, painting a picture of the cryptocurrency’s resilience and bullish momentum against its peer Bitcoin.
Yesterday, Jaydee called attention to the recent rebound in the chart. He explained: “Look at this bounce on the XRP/BTC chart! Looks like SMART MONEY is buying now while DUMB MONEY was buying the trial stories.
At press time, XRP was trading at $0.5983.
Featured image Mike Doherty/Unsplash, chart from TradingView.com