On-chain activity has surged for Ripple (XRP) after the altcoin’s price rose to $0.6 for the first time since its tumble back in August of this year, according to an X post shared by the market intelligence platform Santiment, earlier today. The platform’s data also indicated that XRP whale activity has been steadily increasing as well.
📈 #XRP revisited a $0.60 market value for the first time since its tumble back on August 16th. Along this road back, we have seen whales get gradually more involved. Additionally, there are now an #alltimehigh 277.62K wallets holding at least 10K $XRP. https://t.co/lGs6YO51qw pic.twitter.com/4tuffNXNcx
— Santiment (@santimentfeed) November 1, 2023
In fact, Santiment’s data revealed that XRP whale transactions exceeding $1 million in value have spiked to a new 3-month high. Just yesterday, the whale tracking platform, Whale Alerts, reported that a whale transferred 50,000,000 XRP, worth approximately $29,870,608, from Ripple to an unknown wallet.
Additionally, just a few hours before this, another whale transferred 24,900,000 XRP from an unknown wallet to Bitstamp. In this case, the transferred XRP tokens were worth about $14,948,295.
🚨 24,900,000 #XRP (14,948,295 USD) transferred from unknown wallet to #Bitstamphttps://t.co/Rh2DozRqQf
— Whale Alert (@whale_alert) October 31, 2023
Santiment also included in their post today that the amount of shark and whale XRP wallets holding at least 10K coins has now reached an all-time high (ATH). The number of wallets holding 10K+ coins now exceeds 277.6K.
This accumulation of XRP by traders is evident in the fact that XRP’s price jumped by over 3% throughout the past 24 hours. According to CoinMarketCap, the remittance token was trading at $0.5936 at press time after it was able to set a high price of $0.6127.
XRP / Tether US 1D (Source: TradingView)
Along with its price increase, XRP’s 24-hour trading volume climbed by 39% since yesterday. As a result, the altcoin’s volume ended up increasing to around $2,239,573,359. Meanwhile, the token’s market cap rose to $31,800,056,554, which ranked XRP as the 5th largest cryptocurrency in terms of market capitalization.
XRP’s success in the longer term could also be what is attracting the attention of whales. Over the past week, XRP’s price managed to increase by over 7%. In addition to this, the altcoin’s price was up by 13.87% in its monthly time frame.
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