According to a Santiment report, XRP whales have added a massive 3.17 billion tokens, significantly boosting network activity.
As the cryptocurrency markets hint at another potential breakout early this week, a new report by market intelligence platform Santiment sheds light on the active accumulation patterns by major players within the space.
The analysis, focusing on Bitcoin, Ethereum, XRP, and Chainlink, reveals a strategic uptick in asset procurement by whales and sharks, terms colloquially used to describe large-scale holders.
XRP in the Spotlight
Particularly standing out in the Santiment analysis is the activity surrounding XRP. Over a four-year span, wallets holding more than 10 million XRP (valued at over $5.1 million) have demonstrated considerable movement.
🐳 As #crypto markets have teased another breakout to start the week, our freshly released insight covers the whale and shark accumulation of #Bitcoin, #Ethereum, #XRPLedger, and #Chainlink. Track key stakeholders, and optimize your portfolio accordingly: https://t.co/8l5RuU5VM2 pic.twitter.com/6nybeSEEVj
— Santiment (@santimentfeed) May 28, 2024
Notably, the Santiment chart reveals that after reaching a low in their holdings 16 months ago, these entities have aggressively increased their stakes, adding approximately 3.17 billion XRP to their reserves.
This surge in accumulation occurs despite the sustained market pressures influenced by XRP’s legal entanglements with the U.S. SEC. Amid the Ripple lawsuit, the cryptocurrency exhibited significant price volatility, nearly reaching $2 in 2021 before undergoing a prolonged downturn.
Growing Network Activity in Q1 2024
Further supporting the findings on XRP’s performance, Messari reported that the network’s activity metrics have seen substantial growth in the first quarter of this year. The report notes that the number of active addresses interacting with the XRP network increased by 37%.
In addition, transaction volume surged by 113% quarter-over-quarter. This enhanced activity shows a growing interest and engagement with the XRP Ledger.
XRP Optimistic Outlook
Amid accumulation trends, a report from The Crypto Basic forecasts a developing bullish sentiment for XRP. According to the report, analyst World of Charts highlighted a notable technical formation, revealing that XRP has developed a textbook symmetrical triangle pattern.
This chart formation is often indicative of a possible breakout. The report further suggests a price target in the $4 to $5 range should a breakout occur, indicating a potential increase of 453.71%.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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