XRP, currently the fourth most valuable cryptocurrency by market capitalization, has been drawing significant attention since it was given regulatory approval by a US court earlier this month.
As per an analysis report from Santiment, a top-tier market intelligence company specializing in on-chain analytics for over 2,500 cryptocurrencies, there’s been a substantial increase in the number of large-scale investors, popularly known as ‘whales,’ owning 100 million or more XRP. The count of such wallets has dramatically surged to 199.
This significant increase in the number of ‘whale’ wallets, each controlling a minimum of $74 million worth of XRP, represents an important development. Interestingly, this number equates to the peak count of such wallets seen since May 13.
The chart provided by Santiment gives a year-long view of the buying and selling behavior of these large XRP investors, demonstrating their strategic trading patterns based on price fluctuations.
In July 2022, when XRP was priced below $0.40, these 200 ‘whale’ investors were actively acquiring more of the cryptocurrency. But when XRP’s value rose above $0.518 over a span of three months, these ‘whales’ began selling, resulting in XRP’s price falling back to its previous lower levels.
Likewise, during the period from December 2022 to March 2023, the so-called XRP ‘whales’ once again started gathering more of the cryptocurrency, during which time XRP’s average price was $0.414. However, by April, these large-scale investors started offloading their XRP, causing their count to fall below 200.
Santiment noted a shift in this selling trend as of July 2023, with the onset of a new accumulation cycle coinciding with an XRP price of approximately $0.7387.
According to a recent report, the number of active XRP addresses has seen a significant increase over time. Over the past month, there’s been a surge of over 23%, while the annual increase stands at 43%. Furthermore, addresses holding between 100,000 and 100 million XRP have amassed about 838 million more tokens since May.
Related article: Ripple (XRP): Forecasting Its Future Ascent Beyond $2
XRP Dominates July on Trendy Topic
The tweet emphasized the remarkable surge in XRP’s popularity as a trending topic during July, capturing the attention of both investors and enthusiasts, particularly after its legal victory against the US Securities and Exchange Commission (SEC).
According to a report, XRP had outperformed Bitcoin and accounted for a significant 21% share of the total crypto trading volume as of July 17.
Additionally, Santiment’s tweet highlighted an interesting correlation between XRP’s price movements and the fluctuations in the number of massive whale wallets. The data revealed a moderate correlation, suggesting that the increase in these large-scale holdings had an impact on XRP’s price performance.
Related also: Shiba Inu: Can XRP’s Journey to $1 Lead Shiba Inu’s Race To Deleting a Zero?
Can XRP Surge by 31%?
At the current price of $0.7192, Coincodex’s latest price prediction indicates that XRP is expected to see a significant surge of approximately 31.05%, reaching $0.966324 by July 28, 2023.
Based on insights from technical indicators, Coincodex assesses the current sentiment surrounding XRP as Neutral, indicating a balanced market sentiment among traders.
An in-depth analysis of XRP’s performance showed that it had 14 positive price movements out of 30 days, displaying a notable price volatility of 23.20%.
Moreover, the Fear & Greed Index has reached 55, suggesting a prevailing sense of greed in the market. Taking these factors into consideration, Coincodex believes that the current situation presents a favorable opportunity for investing in XRP.
