XRP price has surged over 29% in the last 12 days, reaching a two-and-a-half-month high of $0.6209 yesterday. This surge comes amid a broader recovery in the cryptocurrency market, with Bitcoin and Ethereum also seeing significant gains. The price hike coincides with an increase in whale transactions and retail interest.
According to on-chain analytics firm Santiment, wallets holding at least 10,000 tokens reached an all-time high of 277,620 on November 1, 2023. Additionally, the volume of whale transactions exceeding $1 million surged to a three-month high of 255 on October 31, 2023.
Crypto Whales and Sharks Make Big Moves
The most popular whale tracker on Twitter has also reported several large XRP transactions in the last 24 hours. The transactions include a 50 million token transfer from Ripple to an unknown wallet, a 24.9 million transfer from an unknown wallet to Bitstamp, and a 30 million transfer from Bybit to an unknown wallet.
These transactions suggest that both retail and prominent investors are accumulating XRP. The increase in whale activity is exceptionally bullish, as it indicates that large investors are confident in the long-term prospects of Ripple.
Several factors may be driving the recent interest in XRP. One possibility is that investors anticipate a favourable resolution of Ripple’s ongoing legal battle with the US Securities and Exchange Commission (SEC). If Ripple wins the case, it could remove a significant overhang from the price.
Another possibility is that investors are bullish on the future of XRP as a payment currency. Several financial institutions already use the token, and its adoption is expected to grow in the coming years.
Overall, the increase in whale transactions and retail interest is a positive sign. The market is becoming more bullish on the cryptocurrency.
Smart Money Is Buying XRP
Crypto analyst Jaydee has focused on the XRP/BTC chart, suggesting investors find more than price ticks and candlesticks. He notes that smart money is respecting the multi-year trendline, which has acted as a crucial support for XRP when paired against BTC.
Every touch on this line has resulted in a significant price surge, emphasising its role as a robust line of defence against bearish pressures. The chart further showcases dramatic price increases, with one bullish rally catapulting the price by 415%. Other surges of 230%, 101%, and 60% followed, painting a picture of resilience and bullish momentum for XRP against BTC.
Recently, XRP’s bounced off the multi-year trendline, suggesting that smart money is buying while retail investors are still focused on the lawsuit narratives. At press time, XRP trades at $0.5983.