Fun

XRP Price Rockets Past $1: On-Chain Data Unveils Key Holder Cohort Behind Breakout

News Feed - 2024-11-18 03:11:43

Este artículo también está disponible en español.


Recent market dynamics have seen the XRP price surging pastthe psychological $1 mark for the first time since 2021. This marked a significant milestone for the XRP price, which has spent the majority of the last three years trading below $0.6.  Related Reading XRP Price Rockets Past $1: On-Chain Data Unveils Key Holder Cohort Behind Breakout 5 hours ago


The rally, driven by key market dynamics and specific holder activity, highlights the role of strategic accumulation by large stakeholders. Particularly, on-chain data shows an intriguing trend among whales, sharks, and retail wallets. XRP Price Breakout To $1.26: Whale And Shark Accumulation Driving Surge


The XRP price climbed to $1.26 on Binance, reaching a level not seen since November 11, 2021. This three-year high comes during a broader cryptocurrency market rally, but the XRP price growth is tied to the strategic moves of its key stakeholders and an anticipated change in leadership of the US SEC. 


According toon-chain analytics platfrom Santiment, large XRP holders, specifically wallets holding between 1 million and 100 million tokens, have been instrumental in this breakout. Notably, this holder cohort consists of the sharks and whales categories. That is, semi-large and large XRP holders. 


XRP whale and shark wallets have collectively accumulated 453.3 million XRP tokens in the past week alone, pushing their total holdings to about 18% of the total supply of XRP. At the current average XRP price, this accumulation is worth around $526.3 million. The accumulation by whale and shark wallets is no coincidence. As Santiment noted, history shows that large-scale acquisitions by market participants tend to signal bullish sentiment and often precede sustained price increases.  XRP is currently trading at $1.09. Chart: TradingView


Interestingly, while whales and sharks have been accumulating XRP, retail traders have been offloading their holdings. Santiment reported that wallets with less than 1 million XRP have collectively sold 75.7 million tokens over the past week, worth approximately $87.9 million. However, most of these offloadings have been scooped up by shark and whale wallets to essentially counter any negative effects of the dumps. Image from X: Santiment What’s Next For XRP?


The massive XRP price surge has seen the cryptocurrency displacing Dogecoin in market cap rankings to regain its position as the sixth-largest asset. The XRP price is up by about 11% in the past 24 hours, while the Dogecoin price has declined by about 7%.


At the time of writing, XRP has retraced a bit from this three-year high of $1.26 and is currently trading at $1.06. Nevertheless, there is still a bullish sentiment surrounding XRP, especially if the sharks and whales can continue to hold above the $1 mark. This, in turn, is set to lead to a  simultaneous retail FUD that will fuel more growth. Related Reading Bitcoin To $800K? Galaxy Digital CEO Unveils Bold 5-10 Year Forecast 1 day ago


According to crypto analyst Egrag Crypto, the next bullish step is for the XRP price to close above $1.10 on the current weekly candlestick.


Featured image from DALL-E, chart from TradingView

News Feed

XRP Confirms Head And Shoulders Breakdown: How Low Can It Go?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Marathon Digital stamps ‘Made in USA’ on Bitcoin blocks mined
Ezra Reguerra7 minutes agoMarathon Digital stamps ‘Made in USA’ on Bitcoin blocks minedThe stunt follows presidential candidate Donald Trump’s statement that he wants all the remaining Bitcoin to be “Made in the
Brian Quarmby4 hours agoRedditor up 25% after boldly taking out $59K worth of personal loans to buy BTCSo far, the trader has accrued 2.65 BTC at an average price well under the current level of around $30,000.2907 Total
‘Unpatchable’ flaw in Apple M-series chip may allow access to encrypted data
Savannah Fortis13 minutes ago‘Unpatchable’ flaw in Apple M-series chip may allow access to encrypted dataA new unpatchable vulnerability in Apple"s M-series of chips was discovered which could potentially allow hacke
William Suberg21 minutes agoBitcoin bears ‘in control but exhausted’ as BTC price retakes $29KBitcoin stages a recovery toward a key resistance but fails to break through, and BTC price action is giving some cause fo
Japanese Authorities Say the Majority of People Involved in Coincheck’s 2018 Hack Are Individuals With ‘High Social Status’
Japanese Authorities Say the Majority of People Involved in Coincheck"s 2018 Hack Are Individuals With "High Social Status" More details keep appearing from the
Silver Rallies 7% Rising Past $20 per Ounce, US Mint Says Fabricators Are ‘Struggling to Keep up With Demand’
Silver Rallies 7% Rising Past $20 per Ounce, US Mint Says Fabricators Are "Struggling to Keep up With Demand" On Friday, as the global cryptocurrency market cap jumped 5.4% higher
Japanese Regulator Slaps FTX Japan With Business Suspension Order
Japanese Regulator Slaps FTX Japan With Business Suspension Order Japan’s top financial regulator, the Financial Services Agency (FSA), has issued a business suspension order
Bitcoin Family Says They Are Moving $1M in Crypto to Decentralized Exchanges After FTX Collapse
Bitcoin Family Says They Are Moving $1M in Crypto to Decentralized Exchanges After FTX Collapse In October 2017, Netherlands native Didi Taihuttu and his family sold all their valu
Bitcoin, Ethereum Technical Analysis: BTC Nears $20,000, as ETH Hits 1-Month Low
Bitcoin, Ethereum Technical Analysis: BTC Nears $20,000, as ETH Hits 1-Month Low Bitcoin was trading close to $20,000 to start the weekend, as traders reacted to comments from U.S.
‘Wealthiest US prisoner’: How did Binance founder CZ get there?
Helen Partz3 hours ago‘Wealthiest US prisoner’: How did Binance founder CZ get there?Binance founder and former CEO Changpeng “CZ” Zhao is the wealthiest person to serve jail time in the US, with current net wort
Report: AAX Users Storm Crypto Exchange’s Nigerian Offices, Attack Employees
Report: AAX Users Storm Crypto Exchange"s Nigerian Offices, Attack Employees Nigeria users of the crypto exchange AAX, which suspended withdrawals on Nov. 12, reportedly stormed it