XRP Sees Impressive Surge in Value
XRP has experienced a significant increase in value, rising by over 29% in the last 12 days. The price has reached a two and a half month high of $0.6209.
Increased Interest from Retail and Large Investors
This surge in price coincides with a rise in whale transactions and the number of wallets holding more than 10,000 XRP. This indicates heightened interest from both retail investors and large investors, known as “whales” in the crypto community.
Whale Transactions and Wallet Count on the Rise
Data from on-chain analytic firm Santiment reveals that there has been a noticeable increase in the number of wallets holding 10,000 XRP or more. The current count exceeds 277.6K. Additionally, there has been a significant uptick in the volume of whale transactions, with those exceeding $1 million reaching a three-month high.
Increase in Activity Attracts Big Players
The increasing trend in XRP’s price is further supported by the rise in large transactions and whale wallet count. This suggests that the market is attracting significant attention from big players, or “sharks” and “whales”.
Notable Whale Transactions
Ripple released 1 billion XRP from its escrow account, resulting in several whale transactions. In addition to this, Ripple transferred 50 million XRP to an unknown wallet, while other transfers included 24.9 million tokens to Bitstamp and 30 million XRP to an unknown wallet from Bybit.
Smart Money Recognizes Multi-Year Trendline
Analyst Jaydee highlights the importance of the XRP/BTC chart, noting that smart money respects the multi-year trendline. This trendline has acted as a crucial support for XRP when paired against BTC, leading to significant price surges each time it has been touched.
Resilience and Bullish Momentum
The XRP/BTC chart demonstrates dramatic price increases, with surges of 415%, 230%, 101%, and 60%. This showcases the resilience and bullish momentum of XRP against Bitcoin.
Smart Money Buying XRP
Jaydee points out the recent bounce on the XRP/BTC chart, suggesting that smart money is buying now while others were influenced by lawsuit narratives. This indicates confidence in XRP’s future prospects.
Closing Thoughts: XRP Surges Amidst Increasing Interest
XRP’s recent surge in value, accompanied by an increase in whale transactions and wallet count, reflects growing interest from both retail and large investors. The cryptocurrency’s resilience against Bitcoin and the recognition of its multi-year trendline by smart money further contribute to its bullish momentum. With significant activity from sharks and whales, XRP continues to attract attention from big players in the market.
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