The number of XRP addresses with 10,000 XRP or more has skyrocketed over the past five weeks to a six-month high as XRP outperforms Bitcoin in July.
This is according to an analysis from market intelligence resource Santiment. The disclosure comes on the back of mixed sentiments surrounding the broader crypto market, as most cryptocurrencies observe price declines, while others like XRP witness spikes.
Addresses Holding 10K+ XRP Hit 6-Month High
This recent turn of events builds on a trend of impressive performance that XRP has continued to exhibit against BTC. Amid this bullish push, Santiment confirms that shark and whale addresses holding at least 10,000 XRP have increased. The XRP network welcomed 2,389 wallets in this tier over the last five weeks.
Data shows that the latest additions have now pushed the total number of addresses in this tier to 279,400. This represents the highest figure in six months. Interestingly, a glance at Santiment’s chart reveals a correlation between the growth in this metric and XRP’s performance.
Notably, XRP appears to drop against BTC when this metric declines. However, the asset witnesses price surges whenever there is an increase in this tier of addresses. This pattern occurred from January to mid-April, with XRP’s value collapsing nearly 50% against Bitcoin.
Consequently, the XRP/BTC ratio dropped to 0.00000692, the lowest since January 2021. Multiple analysts asserted that at this price, XRP had bottomed against BTC, predicting a recovery. Interestingly, XRP has increased 41% since then.
XRP Outperforms Bitcoin
This month alone, XRP has outperformed Bitcoin by 28.36%, with the XRP/BTC ratio currently at 0.00000971. With only one day left, XRP is on track to record its first bullish monthly close against Bitcoin for the first time in a year. Alongside this increase, the number of addresses holding at least 10,000 XRP has also spiked.
A more streamlined chart shows that addresses holding between 10,000 and 10 million XRP have been primarily responsible for the recent increase. This cohort alone has welcomed 2,092 addresses since July 3, currently amounting to 278,937 addresses. The rise has coincided with an XRP price spike.
At press time, XRP currently changes hands at $0.6423, having secured a 34.51% increase in July. XRP is one of the biggest gainers this month, outperforming the rest of the market. Amid the recent increase over the past 24 hours, XRP has now displaced USDC to become the sixth-largest cryptocurrency.
Notably, the top two assets Bitcoin (BTC) and Ethereum (ETH) have respectively dropped 1.75% and 1.41% over the past 24 hours. However, within this period, XRP is up by over 7%, securing the spot as the biggest gainer among the top 100 crypto assets.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
