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Cryptocurrency analyst and trader Ali Martinez has shared a chart provided by on-chain data company Glassnode about a tremendous increase in the number of active XRP wallets faced by the network recently.
This happened as the XRP price has staged a more than 24% increase over the past week.
Yuri MolchanActive XRP whales surge along with price
Per Martinez’s tweet, over the past seven days, the number of active XRP addresses has skyrocketed by a staggering 620% as it increased from 74,589 to 462,650.
That surge came after a report about a massive 50% decline in active XRP addresses that took place between early December and late February. While in December, the number of active wallets totaled 202,250, on Feb. 27, it had shrunk to 101,169, according to Glassnode.
Meanwhile, over this period of time, the price of the third-largest cryptocurrency XRP has staged an increase of roughly 25.48%, as it rose from $1.99 on Feb. 28 to $2.05 today. Between these two dates, XRP surged as high as $3.29 on March 2, adding 34.74% on the news of Donald Trump finally approving the creation of the U.S. strategic crypto reserve, with XRP being part of it, along with Bitcoin, Ethereum, ADA and SOL.
That surge was followed by a 24.72% decline, which happened within two days. Finally, over the past 24 hours, XRP soared by 10.27% and is changing hands at $2.51 at press time.
According to the chart shared by Ali, the peak took place on March 2 – the day when XRP printed the tremendous 34.74% price surge.
Alex Dovbnya95,254,697 XRP shake up OKX
Prominent blockchain sleuth Whale Alert, which monitors large cryptocurrency transfers, has spotted a massive XRP withdrawal that hit major crypto trading platform OKX.
What happened is that an anonymous wallet moved 95,254,697 XRP coins from that exchange; it was equal to an astounding $235,584,856 in fiat. However, XRP-focused data source Bithomp revealed that the target wallet is linked to OKX itself, which makes it an internal transaction.
Whale Alert has been registering large XRP transactions to and from major exchanges for several consecutive days now. Over the past three days, it has spotted 199.7 million XRP shoveled in total between anonymous wallets and exchanges – Coinbase, OKX, Bithumb and Upbit. Besides, on March 2, Ripple traditionally unleashed one billion XRP from escrow.
Dan Burgin
Vladislav Sopov