XRP climbs above $0.60 for the first time since April, driven by whale holdings reaching 51.59 billion XRP amid bullish market sentiment.
Santiment, a market intelligence platform, has recently reported that XRP has climbed above $0.60 for the first time since the market-wide retrace on April 12. This price rebound is underpinned by increased coin holding from whales and sharks with 100,000 or more XRP coins. Notably, a significant turning point in supply accumulation began last August, contributing to the recent price surge.
🐳📈 XRP has now climbed above $0.58 for the first time since the market-wide retrace back on April 12th. This rebound is supported by climbing levels of coin hodling from whales and sharks with 100K+ XRP coins. A noticable turning point in supply accumulation began last August. pic.twitter.com/nBNsAfnoiw
— Santiment (@santimentfeed) July 16, 2024
Significant Holders and Supply Accumulation
A snapshot shared by Santiment highlights this accumulation pattern. Wallets with 100,000 or more XRP coins now hold a new all-time high of 51.59 billion XRP. These wallets collectively possess approximately 85% of the entire XRP supply, marking an 11-month high in terms of supply concentration.
The accompanying chart shows the correlation between the increasing holdings of large wallets and the price movement of XRP. This rapid accumulation of XRP by whales and sharks indicates strong confidence among significant holders, a typical bullish signal.
Contrasting Market Perceptions
In another analysis, Santiment confirmed how trader sentiment is following the price action. XRP’s recent emergence has led to a notable increase in bullish sentiment. The chart shows that the weighted sentiment for XRP has turned positive following the price increase.
On the other hand, Cardano (ADA) is experiencing substantial bearish sentiment, the highest in over a year. The price of ADA has remained 43% lower over the past four months, contributing to the negative sentiment. The chart indicates that weighted sentiment for ADA is deeply negative.
The image provides a comparative view of the weighted sentiment for BTC, ETH, XRP, and ADA. BTC and ETH also have negative weighted sentiments, though not as extreme as ADA.
Flurry of Large-Scale XRP Transactions
Elsewhere, The Crypto Basic recently reported that Ripple transferred 150 million XRP amid a 30% price surge, reaching a new monthly high of $0.602. Trading volume also surged, with market participants exchanging $3.26 billion worth of XRP over 24 hours. This marks a substantial 40% increase from the previous day.
Earlier reports from May also highlighted sustained accumulation patterns among whale addresses. It was noted that addresses holding 1 million and 10 million XRP had been augmenting their holdings since the previous month.
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