This article is also available in Spanish.
It has witnessed recent market dynamics The price of XRP has risen in the past The psychological mark is $1 for the first time since 2021. This represents an important milestone for the price of XRP, which has spent most of the past three years trading below $0.6.
Related reading
This rise, driven by key market dynamics and shareholder activism, highlights the role of strategic accumulation by major stakeholders. In particular, the data on the chain is shown An interesting trend among whalesSharks and retail wallets.
XRP Price Breaks to $1.26: Whale and Shark Accumulation Rise
The price of XRP has risen to $1.26 on Binance, reaching a level not seen since November 11, 2021. This three-year high comes during a broader cryptocurrency market recovery, but XRP price growth is linked to the strategic moves of key stakeholders and Expected change in SEC leadership.
according to Santiment’s on-chain analytics platform Large XRP holders, especially wallets holding between 1 million and 100 million tokens, played an integral role in this hack. It is worth noting that this carrier group consists of the categories of sharks and whales. That is, semi-large and large XRP holders.
Whale and shark XRP wallets have collectively amassed 453.3 million XRP tokens in the past week alone, bringing their total holdings to about 18% of the total XRP supply. At the current average price of XRP, this accumulation is worth approximately $526.3 million. The accumulation of whale sharks’ wallets is no coincidence. As Santiment notes, history shows that large-scale acquisitions by market participants tend to signal bullish sentiment and often precede sustained price increases.
Interestingly, while whales and sharks were accumulating XRP, retail traders were unloading their holdings. Santiment reported that wallets holding less than 1 million XRP collectively sold 75.7 million tokens over the past week, worth approximately $87.9 million. However, most of these discharges are captured by walleyes and whale sharks to counteract any negative impacts of landfills.
Image from X: Santiment
What’s next for XRP?
The massive surge in XRP prices has dislodged the cryptocurrency Dogecoin in the market cap rankings to regain its position as the sixth largest asset. The price of XRP has risen by about 11% in the past 24 hours, while the price of Dogecoin has fallen by about 7%.
At the time of writing, XRP has retreated slightly from its three-year high of $1.26 and is currently trading at $1.06. However, there is still bullish sentiment surrounding XRP, especially if sharks and whales can continue to hold above the $1 mark. This in turn will lead to simultaneous retail trade FUD would fuel more growth.
Related reading
According to cryptocurrency analyst Egrag Crypto, the next bullish move is for the XRP price to close above $1.10 in the current weekly candle.
Featured image from DALL-E, chart from TradingView