XRP has outperformed Bitcoin (BTC) in the latest market recovery campaign, leveraging a growing accumulation that has seen whales amass 1B+ tokens.
XRP is looking to recoup the previous week’s losses, outperforming Bitcoin (BTC) in the current market recovery. The comeback comes on the heels of sharp declines recorded by the asset as the market witnessed a widespread bloodbath.
Santiment recently took to X to discuss XRP’s rebound. The platform highlighted signs of recovery, with a 4% price increase registered by XRP yesterday.
🐳 #XRPNetwork is starting to see some mild recovery signs, and today's +4% price rise appears to be supported some of the asset's largest whales. There are 221 addresses holding between 10M-1B $XRP. They now hold a combined 16.13B tokens worth $8.71B. https://t.co/vyy0WwRtFq pic.twitter.com/4wMLQxMlIA
— Santiment (@santimentfeed) August 20, 2023
Whales Accumulate 1B+ XRP
Notably, this upward movement found support from some of the largest XRP holders. Santiment’s analysis pointed to a group of 221 addresses holding between 10 million and 1 billion XRP.
Interestingly, these addresses have been amassing more tokens. As a result, they now hold an impressive 16.13 billion XRP valued at $8.71 billion.
Data from the accompanying chart reveals a notable trend among these whales. Those holding between 10 million and 100 million XRP had acquired more than 630 million XRP since July 30, leading to a total holding of 5.11 billion XRP.
Similarly, addresses holding between 100 million and 1 billion XRP have accumulated 1.03 billion XRP since August 16. This pattern has increased their total holdings to 11.02 billion XRP. The collective accumulation reaffirms the confidence of larger investors in XRP’s potential.
XRP Shows Resilience
In the broader context of the crypto market, Santiment highlighted the resilience of XRP and other altcoins, including Litecoin (LTC) and Stellar (XLM).
📈 After #crypto market caps dropped sector-wide last week, several #altcoins are scratching their way back, particularly $LTC, $XRP, & $XLM. With market value to realized value metrics continuing to show traders are down big, don't be surprised if the trend continues this week. pic.twitter.com/cX8q9Tcu7B
— Santiment (@santimentfeed) August 21, 2023
Despite the significant market cap decline experienced last week, these altcoins demonstrated resilience in their recovery efforts.
Moreover, market value to realized value metrics indicated that traders had encountered substantial losses, a factor that could shape market trends in the coming days.
Moon Lambo, a well-known XRP YouTuber, highlighted the recovery trend in the market. He pointed out that XRP had achieved a 4% surge, surpassing Bitcoin’s relatively flat movement.
He emphasized the intrinsic correlation in price actions across diverse crypto assets. Moon Lambo urged investors to adopt a broader perspective, focusing on the overarching trajectory rather than short-term fluctuations.
The YouTuber also highlighted XRP’s recent price drop during the market turmoil. He underscored the inherent volatility within the crypto asset class, reminding investors that such fluctuations were expected and didn’t necessarily reflect on the long-term potential of XRP.
Notably, XRP plummeted 14% on August 17, while BTC saw a 7.33% on the same day. From August 15 to 18, XRP saw massive losses, shedding 21.3% of its value and dropping below $0.50.
However, XRP is now looking to recover, up 25% from the $0.4226 low on August 17 and trading at $0.5313 as of press time. However, BTC has been relatively flat since its drop.
Ethereum (ETH) also witnessed similar declines, dropping by 6.99% on August 17 and 1.18% on August 18. With ETH’s mild 1.12% rebound, XRP has also outperformed it in the recovery campaign.