XRP Whales Amass 3.17 Billion Tokens, Boosting Network Activity
A recent report by Santiment, a market intelligence platform, sheds light on the active accumulation patterns of major players in the cryptocurrency market, including Bitcoin, Ethereum, XRP, and Chainlink. The report reveals a strategic increase in asset procurement by whales and sharks, which are terms commonly used to describe large-scale holders.
Of particular interest in the Santiment analysis is the activity surrounding XRP. Over the course of four years, wallets holding more than 10 million XRP, valued at over $5.1 million, have shown significant movement. Notably, the chart reveals that these entities have aggressively increased their holdings, adding approximately 3.17 billion XRP to their reserves, despite market pressures caused by XRP’s legal issues with the U.S. SEC.
In addition, Messari’s report supports the findings on XRP’s performance, stating that the network’s activity metrics have seen substantial growth in the first quarter of this year. The number of active addresses interacting with the XRP network increased by 37%, and transaction volume surged by 113% quarter-over-quarter. This increased activity indicates a growing interest and engagement with the XRP Ledger.
Furthermore, a report from The Crypto Basic suggests a developing bullish sentiment for XRP. Analyst World of Charts highlights a notable technical formation, a symmetrical triangle pattern, which often indicates a possible breakout. The report predicts a price target in the $4 to $5 range if a breakout occurs, potentially resulting in a 453.71% increase.
It is important to note that this content is informational and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not reflect The Crypto Basic’s opinion. Readers are advised to conduct thorough research before making any investment decisions, as The Crypto Basic is not responsible for any financial losses.