XRP Whales Accumulate More Than Ever: Is the Next Big Breakout Coming?
A 26% increase in XRP’s price over the previous week has coincided with an all-time high in the number of cryptocurrency wallets holding at least one million XRP tokens. The number of wallets containing more than a million XRP coins has increased to a new all-time high of 2,743, according to a study released on Friday by the on-chain analytics platform Santiment.
Not only are there more XRP whales than ever, but the total supply they hold is also increasing. XRP is also showing signs of strength. This dual trend is a very positive sign for the fourth-largest crypto asset,
Santiment
After 200 Days of Consolidation, XRP Finally Breaks Higher
As of the time of writing, XRP was trading at $2.78, up 25.14% over the previous seven days, according to CoinMarketCap data. It has risen by 3.93% in the last day alone. CoinGlass data indicates that the rise erased $31.44 million from short holdings in XRP. Since XRP had been stabilizing for about 200 days inside the range of $1.90 to $2.90, traders were split on the cryptocurrency’s future course as recently as last month, on June 18.
Santiment: Altcoin Season Officially Underway as Bitcoin Leads the Way
The latest surge in XRP, however, is a component of a larger market breakout that saw Bitcoin hit three straight all-time highs: $112,000 on Wednesday, $116,500 on Thursday, and $118,780 on Friday. Moreover, at the time of publication, Ether was trading at $2,941, up 16.54% over the course of the week. Metrics show that the altcoin season has started, according to Santiment.
The data confirms that, for now, it has. As long as Bitcoin can maintain its position above the crucial psychological support level of around $110k, traders will likely feel comfortable redistributing profits into altcoins,
Santiment
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