XRP has witnessed a remarkable surge of over 29% in its value over the last 12 days. The price has risen from $0.4771 to a two and a half month high of $0.6209 yesterday.
Sharks And Whales Make A Splash
This impressive price hike coincides with an increase in whale transactions as well as the number of wallets holding more than 10,000 XRP (worth approx. $5,930), indicating heightened interest from retail investors as well as large investors, commonly referred to as “whales” in the crypto community.
On-chain analytic firm Santiment shared via X (formerly known as Twitter), “XRP revisited a $0.60 market value for the first time since its tumble back on August 16th. Along this road back, we have seen whales get gradually more involved. Additionally, there are now an alltime high 277.62K wallets holding at least 10,000 XRP.”
Santiment presented the below chart and stated that the ledger has shown a noticeable increase in the number of wallets holding 10,000 coins or more, with the current number exceeding 277.6K. Moreover, there has been a significant uptick in the volume of whale transactions, with those exceeding $1 million in value spiking to a 3-month high. To be precise, October 31, 2023, saw a total of 255 such high-value transactions.
The data by Santiment provides a clear visual representation of the increasing trend in XRP’s price, which is further underscored by the corresponding rise in large transactions and whale wallet count. With an evident increase in the activity of both ‘sharks’ and ‘whales’, the market seems to be attracting significant attention from big players.
Remarkably, the most popular whale tracker on X has reported quite a few whale transactions in the last 24 hours. First of all, as usual for the 1st of the month, Ripple has released 1 billion XRP from the escrow account. Whale Alert reported 3 transactions of 500 million, 400 million and 100 million XRP.
In addition, there were also other interesting transactions. Thus, Ripple transferred 50 million XRP (about $29.87 million) to an unknown wallet. 24.9 million tokens (about $14.9 million) were transferred from an unknown wallet to Bitstamp. Moreover, 30 million XRP (about $17.2 million) were transferred from Bybit to an unknown wallet.
Smart Money Is Buying XRP
Analyst Jaydee has turned his focus to the XRP/BTC chart, suggesting that discerning investors find more than just price ticks and candlesticks. He noted, “I’m paying more attention to the XRP/BTC chart. Smart money is respecting the multi-year trendline.”
The multi-year trendline in the 1-week chart, accentuated by four touchpoints, has acted as a crucial support for the altcoin when paired against BTC. Every touch on this line has resulted in a significant price surge, emphasizing its role as a robust line of defense against bearish pressures.
The chart further showcases dramatic price increases. At one point, a bullish rally catapulted the price by a staggering 415%. This wasn’t an isolated incident. Subsequent surges of 230%, 101%, and 60% followed, painting a picture of resilience and bullish momentum for the cryptocurrency against its Bitcoin counterpart.
Yesterday, Jaydee drew attention to the recent bounce on the chart. He elaborated, “Look at that bounce on XRP/BTC chart! Looks like SMART MONEY are buying now while DUMB MONEY were buying the lawsuit narratives.”
At press time, XRP traded at $0.5983.
Featured image Mike Doherty / Unsplash, chart from TradingView.com
