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XRP has enjoyed a rally beyond the $3.2 mark as on-chain data shows the cryptocurrency is among the altcoins witnessing the largest whale activity spikes. XRP Whale Transaction Count Has Exploded Recently
In a new post on X, the on-chain analytics firm Santiment has shared the list of altcoins that have seen the largest jumps in Whale Transaction Count during the past week. The “Whale Transaction Count” here refers to an indicator that keeps track of the total amount of transfers occurring on a given network that are carrying a value of more than $100,000. Related Reading Litecoin (LTC) Jumps 19%: What’s Behind The Rally? 20 hours ago
Only the whale entities are usually capable of moving such large amounts with single transactions, so the metric is assumed to reflect the level of activity in which these humongous investors are participating. When the Whale Transaction Count has a high value, it means the whales are making a large number of moves on the blockchain. Such a trend implies these key holders have a notable interest in trading the asset.
On the other hand, the indicator being low suggests that large investors may not be paying much attention to the cryptocurrency as their transactions remain at a low level.
Now, here is the table posted by the analytics firm that shows the ranking of the altcoins (with a market cap greater than $500 million) in terms of the percentage increase in the Whale Transaction Count over the past week: Looks like Dai on the BNB blockchain is the number one altcoin on this list | Source: Santiment on X
As is visible above, there have been seven cryptocurrencies that have witnessed a Whale Transaction Count spike of at least 100% in this period. The altcoin that most stands out on the list, however, is actually in the eighth spot: XRP (XRP).
The asset has witnessed around an 81% increase in whale activity during the last seven days, which, while lesser than the others, is still more impressive simply because of the fact that the coin has a much more massive market cap.
XRP would already have many whales active on the blockchain, so to still register a growth of this degree would imply an extraordinary rise in transactions in pure numbers.
Generally, a high Whale Transaction Count is something that can lead to volatility in an asset’s price. The emerging price action can be in either direction, as the indicator only tracks the number of transfers and contains no information about whether the whales are making the moves for buying or selling purposes. Related Reading XRP, Bitcoin Recovery Only Short-Lived? TD Sequential May Suggest So 1 day ago
In XRP’s case, though, it would appear that these transactions have been for buying indeed, as its price has seen an impressive rally of almost 41% inside the window.
Interestingly, the altcoin that has topped the list isn’t one with a variable price, but rather a stablecoin: Dai on the BNB blockchain. “For stablecoins, increased activity is typically a good sign that large levels of funds are being prepared to be swapped for altcoins that are common with that stablecoin’s trading pair,” notes Santiment. XRP Price
At the time of writing, XRP is trading around $3.2, down 2% over the last 24 hours. The price of the coin seems to have been following an upward trajectory recently | Source: XRPUSDT on TradingView Featured image from Dall-E, Santiment.net, chart from TradingView.com