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On-chain data reveals a surge in whale confidence for the fourth-largest cryptocurrency by market capitalization, XRP, with 47.32 billion XRP now locked in large wallets holding at least one million XRP each.
According to on-chain analytics firm Santiment, the XRP price has hit a seven-week high, surpassing $2.39, a level not seen since May 23. This comes amid an increase in accumulation by XRP whales, indicating increased institutional and large-holder conviction.
Currently, 2,742 wallets are holding one million XRP or more, just one short of the all-time high of 2,743 wallets recorded earlier. The combined holdings of these wallets now total 47.32 billion XRP, demonstrating confidence in the cryptocurrency's future.
With XRP's price rising and whales showing no signs of slowing their accumulation, all eyes are on XRP to see what happens next.
What comes next?
At press time, XRP was up 4.31% in the last 24 hours to $2.43 and up 6.53% in seven days. The cryptocurrency has increased for three days since July 7, reaching $2.459 in early Thursday trading.
The price of XRP rose yesterday after Ripple announced it had selected global banking giant Bank of New York Mellon as the primary custodian for Ripple’s U.S. dollar-pegged stablecoin, RLUSD.
As XRP surpasses a seven-week high, Santiment suggests keeping an eye on the rising number and collective balances of whales holding at least one million XRP.
According to Ali, a cryptoanalyst, XRP is showing bullish momentum as it breaks key resistance levels, with a target of $2.60. If bulls can sustain the current breakout and push past $2.60, this may open the door to targets above $3.00, especially if macro sentiment across crypto remains positive.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team