In a dramatic turn of events, XRP has broken through the $0.6 mark for the first time since August, marking a significant milestone in its road to recovery. What makes this achievement even more remarkable is that just two weeks ago, XRP was trading in the $0.4801 range, signifying an impressive gain of over 25% within this short timeframe.
The surge in XRP’s price has been accompanied by a substantial increase in its 24-hour trading volume, which grew by 57.66%. Over the last day, a staggering $2.19 billion worth of XRP tokens changed hands in the market. These remarkable metrics align with a resurgence of interest from major crypto investors, particularly large XRP holders or “whales.”
Santiment, a reputable market tracking platform, has shed light on this resurgence. They reported that as XRP reclaimed its position above $0.6, the number of crypto addresses holding a minimum of 10,000 XRP tokens reached an all-time high. Over twelve days, during which XRP rallied over 25%, more wallets with holdings exceeding 10,000 XRP have emerged.
📈 #XRP revisited a $0.60 market value for the first time since its tumble back on August 16th. Along this road back, we have seen whales get gradually more involved. Additionally, there are now an #alltimehigh 277.62K wallets holding at least 10K $XRP. https://t.co/lGs6YO51qw pic.twitter.com/4tuffNXNcx
— Santiment (@santimentfeed) November 1, 2023
The total count of these substantial wallets now stands at an impressive 277.62k. This figure combines both “shark” and “whale” wallets, representing those holding 10,000 XRP tokens or more. Additionally, Santiment’s market chart highlights further intriguing developments among XRP whales. It revealed that influential XRP investors have rekindled their interest, with transactions exceeding $1 million in XRP resuming after a period of relative passivity since August.
During the last week of October, 255 such whale transactions were recorded, reaching their highest level in three months. However, it’s worth noting that these high-value XRP transactions eased in the final five days of the month.
The resurgence in XRP’s price, coupled with the increasing activity of large XRP holders, underscores a renewed sense of optimism and engagement within the XRP community. As the cryptocurrency market continues to evolve and respond to various factors, including market sentiment and regulatory developments, XRP’s journey remains a dynamic one. Investors and enthusiasts will be closely monitoring these developments, aware that the cryptocurrency market can be highly volatile and subject to rapid changes.
This recent surge in XRP’s price and the resurgence of whale activity in the XRP market certainly add an intriguing chapter to the ongoing story of this digital asset.