XRP Spikes 6% in 3 Hours Despite Market-Wide Collapse

XRP is bucking the overall market trend, recently recording a 6% spike in less than three hours at a time when the rest of the market is down with Bitcoin (BTC).

The broader cryptocurrency market recently engineered a comeback against the bears, with Bitcoin leading the charge. This rebound led to massive gains for most crypto assets, as BTC eventually reclaimed the $72,000 territory in a push toward $72,797 yesterday.

XRP Bucks the Market Trend

However, this BTC rebound campaign faced massive resistance at the $72,797 zone, resulting in a persistent decline that saw the firstborn cryptocurrency record five consecutive losing candlesticks on the 4-hour timeframe. The last time Bitcoin experienced this bearish trend was in February.

The collapse dropped it below the $70,000 threshold, with a 2.15% decline over the last 24 hours. Amid this bearish turn of events, the rest of the market has dropped, as Solana (SOL) sees a 3.5% decline in 24 hours, while Ethereum (ETH) is down by a mere 0.34%. The global crypto market cap has also dropped 1.4%.

Meanwhile, XRP is currently witnessing an uptrend amid this bearish trend in the broader market. Interestingly, XRP soared from $0.6074 earlier today to a high of $0.6431, marking its highest price this month. This upsurge represented a 5.88% rally in less than three hours.

The uptrend has triggered mass liquidation for short traders within the past few hours, per Coinglass data. Notably, XRP has recorded $975K+ in short liquidations over the last 24 hours, but $501K+, representing 51% of the total figure, was liquidated in the past four hours alone.

Despite facing opposition at the $0.6431 high, XRP has maintained a 4.3% gain over the last 24 hours, changing hands at $0.6346, while the rest of the market is down. Remarkably, data shows that XRP is also witnessing an impressive surge in trade volume within this timeframe.

Whales in Accumulation Spree

This surging volume could indicate a massive accumulation trend by big whales, possibly triggering the recent unusual price rally. For context, CoinMarketCap data suggests that XRP’s volume has spiked 52% in 24 hours to $2.4 billion, marking the largest volume since March 21.

XRP now commands the sixth-largest trade volume in the entire market. Crypto YouTuber and Bitcoin enthusiast Random Crypto Pal spotlighted the price spike, suggesting that insider whales could be accumulating XRP tokens in anticipation of a forthcoming bullish announcement. 

No news but would not be surprised if someone already knows something that we don’t and keeps accumulating #XRP 👀

— Random Crypto Pal (@RandomCryptoPal) April 9, 2024

Data from market intelligence platform Santiment confirms that shark and whale addresses have been amassing more tokens. Notably, addresses holding between 100,000 and 100 million XRP have been augmenting their balances, but this accumulation campaign began at the start of this month. 

These tiers of addresses now cumulatively hold 16.72 billion XRP, representing 30% of the circulating supply. The largest accumulation came from investors with 10 million to 100 million XRP, who have purchased over 280 million XRP tokens since April 4. They now hold 6.44 billion XRP, their largest holding of all time.