Key Reason for 36% XRP Price Jump Explained by Analysts
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Popular on-chain data aggregator Santiment has revealed one of the key reasons for the recent massive XRP price surge. The analysts’ team retweeted a post that featured a Santiment chart, commenting on it and the XRP price jump that happened over the past 10 days.
In the meantime, XRP has, for the second time this week, attempted to break above the $0.56610 zone, and it pulled back after failing to do so.
XRP 36% price surge explained by Santiment
According to the tweet published by Santiment, large whales have been accumulating XRP recently, and this had a “positive impact” on the coin’s +36% price surge, which was observed on the market between July 7 and 13.
The chart shows that large cryptocurrency whales, which hold between 10 million and 100 million XRP, have accumulated approximately the equivalent of $300 million in XRP between July 12 and 15. Wallets that contain from 100,000 to 1,000,000 XRP also purchased a roughly similar amount of XRP.
Besides, in another tweet, Santiment reported that XRP (as well as LTC) has been seeing a high level of FOMO (a popular acronym in the cryptocurrency space standing for “fear of missing out”). This euphoria among the crowd, the tweet says, may turn XRP into a high-risk and high-reward investment this week, warning traders and investors to do their own research before buying.
Yuri MolchanXRP's price performance
As stated above, over the past week, the seventh largest cryptocurrency, XRP, has demonstrated impressive price growth.
Twice over the past few days, it has attempted to break above the $0.56610 zone; however, it faced massive sales at these levels and was pushed down first by 7% on Saturday and then by roughly 6% earlier today. At the time of writing, the Ripple-affiliated cryptocurrency XRP is changing hands at $0.54238.
Whales shovel 138 million XRP
Earlier this week, prominent blockchain sleuth Whale Alert spotted several consecutive large XRP transfers. Three of them were withdrawals made from Binance to unknown wallets. Cumulatively, they carried approximately 110 million XRP evaluated at $57.1 million.
A total of 28,070,000 XRP were also deposited from an unknown wallet to the Bitstamp exchange. This was the equivalent of $14,936,884.
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