XRP Surges 8% as Whale Wallets Hit 6-Month High

The Ripple-backed cryptocurrency XRP surged over 8% in the past 24 hours and 35% over the last month, reaching $0.65 today. For a long time, XRP had been stuck between $0.40 and $0.50, with investors eagerly hoping it would break above $0.60.

The recent rise in XRP price is closely linked to a notable increase in whale transactions. The surge has boosted the number of large XRP holders to its highest level in six months.

Surge in XRP Whale Transactions

In the past month, the number of whale transactions involving XRP has surged. According to data from crypto market intelligence platform Santiment, the number of wallets holding at least 10,000 XRP coins has rapidly increased over the last five weeks.

🐳🦈 The amount of wallets holding at least 10K XRP has skyrocketed in the past 5 weeks. 279.4K such shark & whale addresses exist on the ledger, returning to a 6-month high. The correlation between these wallets and XRP's market value has been undeniable throughout 2024. 👍 pic.twitter.com/JRT3629sJH

— Santiment (@santimentfeed) July 30, 2024

Santiment noted there are about 279,400 shark and whale wallets on the XRP Ledger (XRPL), marking a six-month high. This surge indicates growing confidence among major investors in XRP’s future.

XRP’s recent performance has also allowed it to regain its position as the sixth-largest cryptocurrency by market value. It has surpassed USDC, which is now ranked seventh. This change reflects rising optimism among major investors who are betting on XRP’s continued growth.

88M XRP Transferred in 24 Hours

Recently, whales have been making large moves of XRP. Data from Whale Alert, a tracker of crypto transactions, shows that more than 88 million XRP coins have been transferred to external wallets from popular centralized exchanges in the last 24 hours. These transactions occurred in three major transfers, involving a total of approximately $56.7 million worth of XRP.

One transaction saw a whale move 27,461,818 XRP, worth $17.2 million, from Binance to an unknown wallet. Another transaction moved 23,109,777 XRP, worth $14.7 million, from Binance to a different, unknown wallet. The third transaction transferred 38,000,000 XRP, worth about $24.8 million, from the South Korean exchange Upbit to an unknown wallet.

XRP’s significant price increase and growing whale activity suggest that investor confidence is rising. As XRP large holders reaches a six-month high, its positive momentum appears to be strengthening.