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01/08/24
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XRP Sees Surge in Whale Activity: Bullish Signs Ahead?
Recent on-chain analytics reveal a significant uptick in the number of shark and whale wallets within the XRP network, a trend that may signal a bullish shift for the cryptocurrency’s price. Over the last five weeks, data indicates that these influential wallet addresses have increased notably, particularly in the category of holders with balances exceeding 10,000 XRP.
The metric of focus here, known as “Supply Distribution,” categorizes wallet addresses based on their holdings. For example, those possessing between 1 and 10 XRP fall into a smaller cohort, while the more substantial holders sorted into the 10,000+ category are of particular interest. With XRP priced around $0.65, this threshold translates to approximately $6,500, capturing both smaller investors and larger entities, namely sharks and whales.
Sharks and whales are crucial players in the cryptocurrency market, whose actions can significantly sway asset prices. Among these two groups, whales hold greater influence due to their substantial holdings. Recent statistics show that approximately 2,390 new whale addresses have emerged in the XRP network just in the last five weeks, driving the number of addresses in this 10,000+ coin category to its highest level in six months, now totaling approximately 279,400.
Earlier in the year, this indicator was on a downward trajectory, aligned with a bear market phase for XRP. The lowest point for the Supply Distribution occurred in April, coinciding with a slowdown in XRP’s price decline. The recent resurgence in whale accumulation may correlate with a renewed bullish sentiment for XRP, suggesting a potential upward trend in the asset’s market value.
As of now, XRP has experienced a price rally of about 5% within the past day, bringing its value to $0.65. This developing situation warrants close attention, as ongoing increases in whale activity could lead to further bullish outcomes for the cryptocurrency in the near future.
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