- Surge in large XRP wallets signals bullish market trends.
- Ripple’s upcoming token release may impact market dynamics.
In the crypto market, the conduct of whale and shark investors frequently determines market dynamics. Recent data from Santiment, a blockchain and crypto market intelligence platform, reveals a noteworthy trend in the XRP market.
Surge in Large XRP Wallets Signals Growing Investor Interest and Market Confidence
The number of XRP wallets with at least 10,000 XRP has increased during the last five weeks, reaching 279,400 addresses. This amount is the highest in the last six months, indicating greater interest from significant investors.
🐳🦈 The amount of wallets holding at least 10K XRP has skyrocketed in the past 5 weeks. 279.4K such shark & whale addresses exist on the ledger, returning to a 6-month high. The correlation between these wallets and XRP's market value has been undeniable throughout 2024. 👍 pic.twitter.com/JRT3629sJH
— Santiment (@santimentfeed) July 30, 2024
Furthermore, the increase in sizable XRP wallets has had a favorable impact on XRP’s market value during 2024. Analysts see the increase in whale and shark wallets as a positive indication for the token, indicating possible upward momentum.
In addition, the current price of XRP is roughly $0.652, up 2.96% over the last 24 hours. The daily trade volume is approximately $2.55 billion.
This recent price shift is interesting, particularly given the huge transfer of 23.69 million XRP tokens from Binance to an unknown wallet, as reported by CNF. This massive transaction highlights the XRP market’s dynamic activity.
Furthermore, Ripple’s planned unlock of 1 billion XRP tokens on August 1st is expected to have a significant impact on the market. Historically, similar announcements have influenced XRP’s price and market behavior, complicating the present positive trend.
Beside that, according to our prior report, today’s performance of XRP has positioned it among the top gainers, demonstrating its durability and potential. Also, the coin recently broke out of a symmetrical triangle pattern on the weekly chart, indicating a probable rise to $2.5, according to technical analysis.
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