Key Reason for 36% XRP Price Jump Explained by Analysts
u.today 16 July 2024 09:21, UTC Popular on-chain data aggregator Santiment has revealed one of the key reasons of the recent massive XRP price surge. The analysts’ team retweeted a post that featured a Santiment chart and commented on it and the XRP price jump that happened over the past ten days.
In the meantime, XRP has for the second time this week attempted to break above the $0.56610 zone and made a pullback after failing to do so.
XRP 36% price surge explained by Santiment
According to the tweet published by Santiment, large whales have been accumulating XRP recently and this had a “positive impact” on the coin’s +36% price surge which was observed on the market between July 7 and 13.
The chart shows that large cryptocurrency whales, which hold between 10 million and 100 million XRP have accumulated approximately an equivalent of $300 million in XRP between July 12 and 15th. Wallets that contain from 100,000 to 1,000,000 XRP also purchased a roughly similar amount of XRP.
This level of XRP accumulation does appear to have had a positive impact on their +36% surge that ran from July 7th to 13th. Keep an eye on whether these key stakeholders continue accumulating. https://t.co/vr7QcwrNja
— Santiment (@santimentfeed) July 15, 2024
Besides, in another tweet, Santiment reported that XRP (as well as LTC) has been getting a high level of FOMO (a popular acronym in the cryptocurrency space standing for “fear of missing out”). This high euphoria of the crowd, the tweet says, may turn XRP into a high-risk and high-reward investment this week, warning traders and investors to do their own research before buying.
XRP price performance
As stated above, over the past week, the seventh largest cryptocurrency XRP has demonstrated impressive price growth.
Twice over the past few days, it has attempted to break above the $0.56610 zone, however, it faced massive sales at these levels and was pushed down first by 7% on Saturday and then by roughly 6% earlier today. At the time of this writing, the Ripple-affiliated cryptocurrency XRP is changing hands at $0.54238.
Whales shovel 138 million XRP
Earlier this week, prominent blockchain sleuth Whale Alert spotted several consecutive XRP transfers large in size. Three of them were withdrawals made from Binance to unknown wallets. Cumulatively they carried approximately 110 million XRP evaluated at $57.1 million.
28,070,000 XRP were also deposited from an unknown wallet to the Bitstamp exchange. This chuck was the equivalent of $14,936,884.
