Bullish! Whales Accumulate Over $1B XRP Amid Renewed Interest

Whale investors have turned their attention to Ripple’s flagship crypto asset, XRP, and have purchased over $1 billion worth of the cryptocurrency in the past three weeks. According to Santiment, a market intelligence platform, the significant accumulation has propelled XRP’s value to $2.49, its highest price since January 8, 2018.

🚀 XRP has skyrocketed to an astounding $2.49 market value for the first time since January 8, 2018. The 6-year (nearly 7-year) high comes as wallets with 1M-10M XRP have accumulated 679.1M tokens (currently worth $1.66B) in just 3 weeks. Also, total non-empty XRP wallets have… pic.twitter.com/bIsfOqdCQX

— Santiment (@santimentfeed) December 2, 2024

The milestone underscores renewed confidence in the market as XRP reaches a level not seen in nearly seven years.

Over $1 billion XRP Accumulated

Large wallets holding between 1 million and 10 million XRP have added 679.1 million tokens during this period. At current prices, these holdings are valued at approximately $1.66 billion, demonstrating the pivotal role of large investors in driving XRP’s recent bullish performance.

Another noteworthy development is the surge in adoption, as the total number of non-empty XRP wallets has surpassed 5.5 million for the first time in the token’s eight-year history. The milestone signals growing interest from retail and institutional participants, adding to the positive market sentiment.

XRP Ranks Third by Market Cap

XRP’s rise has also reshaped the cryptocurrency leaderboard. It has surpassed Solana (SOL) and Tether (USDT) in claiming the position of the third-largest cryptocurrency by market capitalization. Data from CoinGecko reveals XRP’s market cap at $139.13 billion, outpacing USDT’s $133.84 billion and SOL’s $108.9 billion.

The upward trend in XRP’s price has been consistent throughout the past month. CoinTab reported that XRP’s value has surged over 370% in the last month, 108% in two weeks, 66% in the past week, and 30% in the past 24 hours.

At press time, XRP was trading at $2.33, positioning the cryptocurrency 31.30% below its all-time high of $3.40 in early 2018.

“Massive Celebration” for Ripple’s Community

Ripple’s legal progress has further fueled optimism around XRP. With the new SEC leadership under Donald Trump’s presidency, market watchers are speculating a favorable resolution to Ripple’s ongoing lawsuit.

Legal experts, including Bill Morgan, Fred Rispoli, and Jeremy Hogan, have suggested that the appeals in the case could soon be dismissed or withdrawn, reinforcing the growing confidence in Ripple’s position. In celebration of the community’s support during the legal battle, Ripple CEO Brad Garlinghouse announced a giveaway of 100 million XRP.

“We have defeated the SEC, and now it’s time for a Massive Celebration,” he tweeted.