- Whale wallets have accumulated 453.3M XRP in a week, signaling strong confidence among major stakeholders.
- Retail investors sold 75.7M XRP, while whale activity and network adoption highlight XRP’s growing utility.
XRP is surpassing its three-year high and reaching $1.2679 on the Binance exchange. Fueled mostly by the planned efforts of major investors, sometimes known as “whales” and “sharks,” this notable price increase hits the highest level since November 11, 2021.
Over the previous week, wallets containing between one million and 100 million XRP have amassed an amazing 453.3 million tokens, valued at around $526.3 million overall. XRP’s price has been rising mostly thanks to this significant accumulation, as these important players have a positive view of the crypto.
Retail Selling and Network Growth Drive XRP Dynamic
Concurrent with this rise in big-scale ownership, small retail investors have shown substantial selling activity. Over the same period, wallets containing fewer than one million XRP have sold 75.7 million tokens, valued around $87.9 million overall, according to Santiment.
XRP has now broken a 3-year high, reaching $1.2679 on Binance for the first time since November 11, 2021. This rally has come on the backs of key whale & shark wallets that hold between 1M-100M tokens. This group has collectively accumulated 453.3M more tokens (worth… pic.twitter.com/8F0IjXs7A5
— Santiment (@santimentfeed) November 16, 2024
This pattern emphasizes a well-known dynamic in the crypto market whereby major players seize possibilities while lesser investors respond to temporary volatility. Historically, these kinds of situations usually result in positive market cap growth for the asset in issue since more confidence among big investors improves general sentiment.
XRP has seen an increase in network activity, adding to the momentum. With an average of 12,230 active addresses daily, October 2024 saw active address counts peak six months ago.
Particularly as the network supports several use cases outside of its conventional focus on cross-border payments, this rise in activity indicates increasing value and acceptance of the XRP Ledger. Especially, this increased activity coincides with debates on regulatory clarification and the release of creative ideas like RLUSD stablecoin by Ripple.
Institutional Interest and Innovation in Digital Assets
The possible acceptance of ETFs based on Ethereum has also spurred XRP community hope. The leadership of Ripple has shown hope that comparable solutions catered for XRP might follow, hence improving the attraction of the asset to institutional investors.
This viewpoint fits the growing curiosity in the creation of controlled investment vehicles meant to close the distance between conventional finance and the crypto ecosystem.
Moreover, the launch of Ripple’s RLUSD stablecoin meant for usage on the XRP Ledger and Ethereum seeks to increase XRP liquidity and acceptance. This action shows Ripple’s continuous dedication to encouraging creativity and so confirming XRP’s place in the changing crypto space.
Targeting retail and business use cases helps Ripple to strategically present XRP as a flexible tool for a variety of financial uses.
Market analysts have not missed the continuous advance since they underline the close relationship between whale accumulation and favorable price action.
Supported by strong fundamentals and good market conditions, the accumulation pattern indicates that XRP’s main stakeholders are getting ready for a protracted positive phase. The general sentiment in the crypto market, which has proven tenacity in face of world economic uncertainty, supports this positive view even more.
The community is still hopeful about XRP’s future, even if it is drawing more and more attention. Rising acceptance, technological developments, and strategic initiatives like RLUSD help XRP to become a major player in the digital asset space.
Particularly in the areas of institutional involvement and regulation, market players are attentively observing changes since these elements will probably define the course of XRP in the next phase.
Beside that, XRP’s price surpassing the $1 threshold indicates significant positive momentum and rising acceptance for cross-border payment solutions, according to CNF. Meanwhile, XRP is swapped hands at about $1.14 at the time of writing, up 92.74% over the last 7 days and 9.89% over the last 24 hours.
