- Ripple’s (XRP) price broke past the $0.58 mark for the first time in 15 weeks, driven by substantial whale purchases.
- The upward movement of XRP has captured significant attention in the cryptocurrency market.
- According to on-chain data from Santiment, large investors have been ramping up their holdings, notably those with over 100,000 XRP coins.
XRP makes a significant breakthrough, crossing $0.58, driven by whale accumulation. Read more to understand the dynamics of this intriguing development.
XRP Surges Beyond $0.58 Amidst Whale Accumulation
In a notable move, Ripple’s XRP has surpassed the $0.58 threshold for the first time in 15 weeks. This surge comes on the heels of considerable buying activity from large investors, often referred to as whales, who are significantly influencing the market dynamics. As reported by Santiment on July 17, these whales have substantially increased their XRP holdings, propelling the price upwards.
Record-Breaking Whale Holdings
The accumulation trend among these major players has reached new heights. Data indicates that wallets holding more than 100,000 XRP coins now collectively own a staggering 51.59 billion XRP. This figure represents approximately 85% of the total supply, marking an 11-month high. The strategic accumulation by these large investors is a crucial factor driving XRP’s current bullish momentum.
Turning Point Following Market Downtrend
XRP’s recent price recovery is particularly significant against the backdrop of the broader market retracement observed since April. Notably, the accumulation trend that started in August last year has contributed to fortifying XRP’s market valuation. This consistent build-up of XRP holdings underscores the confidence of big investors in the cryptocurrency’s potential.
Conclusion
The upward trajectory of Ripple’s XRP, marked by its breakthrough past the $0.58 mark, signifies a pivotal moment for the cryptocurrency. This development, primarily driven by substantial whale accumulation, highlights the strategic movements within the market. As XRP continues to attract significant investor interest, the coming weeks will be crucial in determining its trajectory and potential for further growth.
