XRP Surges Above $1.5: On-Chain Data Points to 'Whale' Accumulation
After a challenging period that saw XRP's price dip significantly, nearing the critical $1 mark, the digital asset has staged a remarkable comeback, breaching $1.5. This impressive recovery, which defied broader market volatility, appears to be driven by significant activity from large investors, commonly known as "whales," according to recent on-chain analysis.
Whale Activity Fuels XRP's Recovery
Just days ago, XRP faced immense bearish pressure, dropping to its lowest point in over a year at $1.16 as the entire crypto market grappled with instability. However, while some panic selling ensued, a prominent blockchain analytics firm, Santiment, revealed that a substantial wave of accumulation was quietly taking place on the XRP Ledger. During the dip, a staggering 1,389 transactions exceeding $100,000 each were recorded, marking the highest such volume in four months. This suggests that large investors seized the opportunity to buy during the downturn, providing a crucial lifeline to the altcoin. Beyond direct whale transactions, the XRP Ledger also witnessed a significant increase in overall network activity. The number of unique addresses engaging with the blockchain surged to 78,727 within a single 8-hour period, reaching a six-month high. This dual surge in whale demand and network engagement is considered a strong indicator by crypto analysts, laying a potential foundation for a sustained bullish structure for XRP.
Current Market Snapshot and Outlook
As of the latest reports, XRP is trading around $1.46, showcasing an approximate 25% increase over the past 24 hours. Despite this robust daily performance, the token still reflects a roughly 16% loss over the past week, indicating that the recent rally is a partial rebound from deeper corrections. Investors are advised to proceed with caution, as relief rallies are not uncommon phenomena within a prevailing bear market, suggesting that while the immediate recovery is strong, market conditions remain subject to further fluctuations.
