According to Santiment data spotted by crypto analyst Ali Martinez, whales have bought around 1 billion XRP, which amounts to over $2 billion.
Despite market volatility, the health of the XRP network remains strong, as evidenced by the steady growth in wallet count, a critical indicator of adoption and user interest.
Santiment's latest data reveals that XRP wallets have increased by 58,000 since the start of the year, marking a 1% growth. This positions XRP as one of the top-performing cryptocurrencies in terms of adoption, based on the number of unique wallet holders.
The rise in wallet numbers suggests that users and investors are anticipating future network expansion, undeterred by short-term price fluctuations.
XRP price on verge of bull run?
The XRP chart is showing signs of forming a "pennant" pattern, a setup characterized by rapid price movements following periods of consolidation. These patterns often signal potential breakouts.
The current consolidation phase, represented by the triangle formation, may conclude by the end of the month. If a breakout occurs, XRP could target price levels 100% higher than its current value, according to analysts.
Arman ShirinyanResistance at $2.50 remains a critical threshold. On the downside, support levels at $2.20 and $2.00 are key to watch. Failure to hold $2.20 might prompt a retest of lower levels, while a breakout above $2.50 could ignite renewed bullish momentum.
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