XRP Surges Past $3.2 As Whale Activity Spikes 81%
XRP has surged past the $3.2 mark as on-chain data shows the cryptocurrency is among the altcoins with the highest surge in whale activity.
The number of XRP whale transactions has exploded recently
in a new postal On X, on-chain analytics firm Santiment shared a list of altcoins with the largest increase in whale transaction volume over the past week. this”Whale transaction count” This refers to a metric that tracks the total number of transfers worth more than $100,000 that have occurred on a given network.
only whale Entities are often able to move such large amounts in a single transaction, so the metric is thought to reflect the level of activity in which these large investors engage. When the whale transaction count has a high value, it means that the whale is making a lot of moves on the blockchain. This trend means these key holders have a strong interest in trading the asset.
On the other hand, a lower metric suggests that large investors may be paying less attention to cryptocurrencies as their trading volumes remain at low levels.
Now, here is a table published by the analytics firm showing where altcoins (with a market capitalization over $500 million) rank in terms of percentage increase in whale transaction counts over the past week:
As shown above, seven cryptocurrencies witnessed whale transaction counts surge by at least 100% during this period. However, the most notable altcoin on the list is actually number eight: XRP (XRP).
The asset has seen an increase in whale activity of approximately 81% over the past seven days, which is less than other assets but still more impressive as the coin has a much larger market cap.
XRP already has many whales active on the blockchain, so still seeing this level of growth would mean a significant increase in pure transaction volume.
Generally speaking, high whale trading volumes can cause asset price volatility. Emerging price movements can be in either direction, as this indicator only tracks transfer volume and contains no information on whether whales are acting for buying or selling purposes.
In the case of XRP, though, these trades do appear to be for buys, as its price increased by an impressive nearly 41% within the window.
Interestingly, the altcoin that tops the list is not one with a variable price; Stablecoin: Dai on the BNB blockchain. “In the case of a stablecoin, increased activity is generally a good sign that significant amounts of funds are being exchanged for altcoins common to that stablecoin trading pair,” Santiment noted.
Ripple price
As of this writing, XRP is trading at around $3.2, down 2% in the past 24 hours.
