XRP gained 6.7 percent in the last 24 hours and rose above the $ 1.50 level. The cryptocurrency, which recorded an 8.8 percent increase in seven-day performance, exhibited the strongest increase among the coins in the top 10 during this period.
Strong Buying and Whale Mobility
It seems that large investors (whale) are accumulating at the basis of the rapid increase in XRP in recent days. According to the current data announced by Santiment Intelligence, the total XRP holdings of addresses with a balance of 10 million XRP and above reached 45.83 billion. Thus, 68.48 percent of the entire XRP supply was collected in these large wallets. While this concentration in Whale addresses reached the highest level since May 2018, medium and large-scale investors continued to act in the direction of purchasing, despite the uncertainty that has prevailed throughout the market recently.
Additionally, the number of wallets holding at least 10,000 XRP reached a historical peak at 332,230. This shows that large and institutional investors have entered a long-term accumulation process.
Volume Increase in Global Stock Exchanges
Another factor that was effective in the rise in XRP was the large one-time purchase of approximately $ 1 million on the Coinbase exchange. It was noteworthy that the price started to rise rapidly immediately after this transaction. Strong demand also made itself felt in South Korea; Purchases for XRP on Upbit, the most popular crypto platform in the country, reached a record level.
Recently, the trading volume of XRP on the Upbit and Bithumb exchanges surpassed the combined volume of Bitcoin and Ethereum. The buying appetite in the Asian market has increased to high levels, especially with the interest of Korean individual investors in risky assets. Analysts note that the increase in volume on Korean exchanges as the XRP price approaches important resistance areas generally indicates an increase in the risk-taking tendency of local investors.
Market Dynamics and Latest Situation
This jump of XRP stands out with the intense interest from both global and local exchanges. This was due to the recent collection trend of large-balance wallets on the network, Coinbase and sudden high volume transactions in Asia. All these developments enabled XRP to break away from the pressure it had been experiencing for a while and surpass other crypto assets in the top 10 in the short term.
Current blockchain data shows that accumulation in wallets with a balance of “10 million XRP and above” has peaked for the first time since May 2018. In addition, the record increase in the number of wallets with “10,000 XRP and above” also points to the rising interest of corporate and large users.
According to data provided by CoinGecko, XRP is already among the strongest performing assets among the top 100 cryptocurrencies. CryptoAppsy According to the data, XRP made the remarkable move of the week at $ 1.50.
