Recent developments show a promising trend for XRP, with the number of crypto wallets possessing over 1 million XRP tokens hitting a record high. This surge aligns with the impressive 26% increase in XRP’s price within the past week.
According to Santiment, a leading onchain analytics platform, not only has the number of XRP whales seen a significant increase, but the total supply they possess is also on the rise. The current count of wallets holding more than 1 million XRP tokens has escalated to a new peak of 2,743, with these whales now controlling 47.32 billion XRP tokens.
The platform further noted, “XRP is exhibiting strong performance. This dual trend is an extremely encouraging sign for the fourth-largest cryptocurrency.”
Supported by CoinMarketCap data, XRP has experienced a 26% growth over the last seven days, reaching a trading price of $2.80. In the past 24 hours alone, it has seen a 10% spike. CoinGlass data further reveals that this surge has cleared $31.44 million in XRP short positions.
Just a month ago, on June 18, traders were uncertain about XRP’s future trajectory as the digital currency had been consolidating within a range of $1.90 to $2.90 for nearly 200 days.
However, XRP’s recent rally is part of a larger market breakout that witnessed Bitcoin (BTC) hitting consecutive all-time highs of $112,000 and $116,500 on consecutive days. Ethereum (ETH) also saw a substantial surge, rising 17.51% over the week and trading at $2,958 at the time of reporting.
Santiment’s analysis suggests that the altcoin season has kicked off. “As long as Bitcoin can maintain its position above the crucial psychological support level of around $110k, traders will likely feel comfortable redistributing profits into altcoins,” they concluded.
