Whales And
Sharks Push XRP
Price To New 3-
Year High,
On-
Chain Data Shows
Whales And Sharks Push XRP Price To New 3-Year High, On-Chain Data Shows
by Opeyemi Sule
3 minutes ago
in XRP
0
The cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта market has somewhat cooled off over the last few days, but
the XRP price seems to have picked up momentum of its own in that period. The
usually tame cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта seems to be decoupling from the market ,
outperforming the other large-cap assets in the top ten.
According to blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн analytics firm Santiment, the price of XRP broke its
three-year high on Binance• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Binance, the world’s largest exchange, on Saturday,
November 16. This marks the first time the altcoin will be reaching this price
level since November 11, 2021.
Santiment Identifies Catalysts Behind XRP’s Price Surge
In its latest post on the X platform, Santiment revealed that the major token
holders in whale and shark cohorts have been responsible for the recent XRP
price rally. Specifically, whale and shark addresses holding between 1 million
and 100 million tokens have been singled out by the on-chain analytics firm.
Related Reading: Shiba Inu Price Could Be In Trouble As Whale Volume Crashes
70% In A Single Day
For context, a crypto whale (and often a shark) refers to an entity that
wields significant influence on the market dynamics due to their substantial
holdings. Aside from their direct influence on price dynamics, whales
indirectly affect the market as other investors tend to move in the same
direction in anticipation of potential shifts.
Source: Santiment/X
The latest on-chain data from Santiment shows that the aforementioned cohort
of large-scale investors has collectively bought 453.3 million XRP tokens
(worth more than $526 million) in the past week. Consequently, the significant
buying activity has buoyed the XRP price over the past few days.
The on-chain analytics firm noted that tokens being accumulated by the whales
and sharks are primarily emerging from retail traders who are selling their
bags for small profits on the recent rally. Sentiment data shows that wallets
holding less than 1 million XRP have collectively offloaded 75.7 million
tokens (equivalent to $87.9 million) in the past week.
From a historical perspective, that retail investors are offloading their
tokens might be good for the XRP price in the long term.
In this regard, Santiment noted:
Historically, any cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта tends to see positive market cap growth when
its key stakeholders are increasing their holdings and confidence, while
simultaneous retail FUD fuels this growth more.
XRP Price At A Glance
As of this writing, the price of XRP is closing in on $1.1, shining in the
past 24 hours with a more than 23% rally. The altcoin is one of the
best-performing assets on the weekly timeframe, climbing over 116% in the last
seven days.
Related Reading: Dogecoin Price Flashes Bull Flag On The Hourly Chart, Can It
Rally To $1?
The price of XRP breaks 3-month high on the daily timeframe | Source: XRPUSDT
chart on TradingView
Featured image created by Dall-E, chart from TradingView