XRP Witnesses 9% Surge in 48 Hours: Are Bulls Taking Control?
XRP has experienced a nearly 9% increase in value over the past two days. At present, whale wallets control over 45% of the total supply.
A Ripple (XRP) whale recently moved a substantial amount of the token onto a trading platform. While initially appearing unusual, this movement aligns with the direction of the price trend, providing a possible explanation for the action.
Whale Transfers Millions of XRP to Exchange
On November 5th, a Twitter account named Whale Alert reported a significant transaction involving the transfer of 23.8 million XRP coins to the Bitstamp exchange. The value of this transfer was over $15.6 million at the time of the announcement.
Surge in 24-Hour Volume
An analysis of volume trends on CoinMarketCap revealed a rise in trading activity within the past 24 hours. The trading volume had increased by more than 160% during this period. Santiment’s volume chart analysis also showed a volume of over $2.5 billion.
Additionally, CoinMarketCap data indicated a market capitalization increase of around 9% in the last 24 hours. Among the top five cryptocurrencies by market capitalization, XRP has experienced more price increases in the past seven days.
XRP Records Highest Increase in Three Months
An examination of XRP’s daily timeframe chart revealed a significant upward price trend that concluded on November 5th. On that day, XRP experienced a noteworthy 7.41% increase in value, reaching a price of over $0.66. This marked the highest price increase observed for XRP in the past three months.
As of now, XRP is trading at around $0.68, reflecting a value increase of over 2%. The token has been on an upward trend for the past four consecutive days, pushing it further into the overbought zone.
Whale Acquires More XRP
An examination of XRP’s Social Dominance chart on Santiment revealed an increase in its social prominence. Social Dominance had risen to above 3%, signifying that discussions and conversations related to XRP accounted for more than 3% of overall discussions.
The chart also showed that wallets holding between 100,000 and 1 billion XRP controlled over 45% of the total supply at the time of publication. This particular group of wallets has accumulated a significant portion of the tokens, potentially influencing market dynamics.
Read Ripple’s (XRP) Price Prediction 2023-24