XRP enjoyed a surge beyond the $3.2 mark as on-chain data shows the cryptocurrency is among the altcoins seeing the biggest spike in whale activity.
The number of XRP Whale transactions has been on the rise recently
In new mail On X, on-chain analytics firm Santiment shared a list of altcoins that saw the biggest jumps in the number of whale transactions over the past week. “Whale Transaction Count” here refers to an indicator that tracks the total amount of transfers that occur on a given network and carry a value of more than $100,000.
Typically only whale entities are able to move such large sums through single transactions, so the metric is supposed to reflect the level of activity these massive investors engage in. When the number of whale transactions has a high value, it means that whales make a large number of moves on the blockchain. This trend indicates that these major holders have a notable interest in trading the asset.
On the other hand, the decline in the index indicates that large investors may not pay much attention to the cryptocurrency as their transactions remain at a low level.
Now, here is the table published by the analytics company that shows the ranking of altcoins (with a market capitalization of more than $500 million) in terms of percentage increase in the number of whale transactions over the past week:
As shown above, there were seven cryptocurrencies that saw the number of whale transactions rise by at least 100% in this period. However, the most prominent altcoin on the list is actually in eighth place: XRP (XRP).
The asset has seen an approximately 81% increase in whale activity over the past seven days, which, although lower than others, is still more impressive simply due to the fact that the coin has a much larger market cap.
XRP will already have many active whales on the blockchain, so continuing to record growth of this degree means an extraordinary rise in transactions in pure numbers.
In general, a high number of whale transactions is something that can lead to fluctuations in the price of the asset. The resulting price action can be in either direction, as the indicator only tracks the number of conversions and does not contain information about whether whales are making moves for buying or selling purposes.
However, in the case of XRP, it appears that these transactions were already for buying, as its price saw an impressive rise of approximately 41% within the window.
Interestingly, the altcoin that topped the list is not a variable-rate coin, but a stablecoin: Dai on the BNB blockchain. “For stablecoins, increased activity is usually a good sign that significant levels of funds are being prepared to be exchanged for popular altcoins with the stablecoin trading pair,” notes Santiment.
Ripple price
At the time of writing, XRP is trading at around $3.2, down 2% over the past 24 hours.
