XRP Whales Surge to New Highs as Price Jumps 10%
In a remarkable development for the XRP ecosystem, the number of crypto wallets holding at least 1 million XRP tokens has surged to an all-time high. This trend comes amid a strong price rally, with XRP experiencing a significant 10% jump in the past 24 hours and a 26% increase over the last week.
According to on-chain analytics platform Santiment, the count of so-called “XRP whales” — wallets holding over 1 million XRP tokens — has climbed to 2,743, representing a new record. These whales currently hold a staggering total of 47.32 billion XRP tokens, signaling strong accumulation by large holders.
Santiment highlighted the dual trend of an increasing number of whales combined with rising XRP prices, calling it “a very positive sign for the fourth-largest crypto asset.” The rally sees XRP trading around $2.80 at the time of publication, according to CoinMarketCap data.
The recent price surge also wiped out $31.44 million in short positions on XRP, per data from CoinGlass, demonstrating increased bullish sentiment among market participants.
Just last month, XRP was consolidating between $1.90 and $2.90 for nearly 200 days, leaving traders divided on its next direction. The recent price breakout appears to signal a shift in momentum.
Broader Market Rally and Altcoin Season
XRP’s gains are part of a broader cryptocurrency market upswing, with Bitcoin reaching consecutive all-time highs of $112,000, $116,500, and then $118,780 over Wednesday, Thursday, and Friday, respectively. Ethereum (ETH) also saw substantial gains, climbing 17.51% over the week to about $2,958. Santiment interpreted these movements as confirmation that the much-anticipated altcoin season is underway. “As long as Bitcoin can maintain its position above the crucial psychological support level of around $110,000, traders will likely feel comfortable redistributing profits into altcoins,” the analytics provider noted.
The strong on-chain data, combined with rising prices and whale accumulation, suggest growing confidence in XRP’s prospects as the crypto market enters this phase of expansion.
This positive momentum for XRP not only reflects increased interest from significant holders but also underscores an optimistic outlook for altcoins in the current crypto market environment.