Market data shows that whales recently accumulated over 140 million XRP valued at around $84 million, coinciding with a major rebound in XRP price.

Over the past week, whales have made significant moves in the XRP market, driving its price upwards. Citing data from intelligence platform Santiment, market analyst Ali Martinez revealed that over 140 million XRP, valued at approximately $84 million, were bought by influential investors. 

This increased activity of whales has been reflected in various charts from Santiment, showcasing a clear correlation between whale holdings and price movements.

In the last week, whales bought over 140 million $XRP, valued at approximately $84 million! pic.twitter.com/s22yK8wlZS

— Ali (@ali_charts) July 23, 2024

Whale Holdings Increase as XRP Price Hit Three-Months High

Martinez’s chart, extracted from Santiment, reveals that the price of XRP has seen a noticeable uptrend towards the start of this week. The chart shows a filled blue area representing the amount of XRP held by whale addresses, specifically those holding between 1,000,000 and 10,000,000 XRP.

Essentially, the tier of investors that have accumulated 140 million in the past week are those holding an average of 10 million XRP.

Remarkably, the increase in whale holdings coincided with a gradual rise in the price of XRP. Two weeks ago, XRP traded at around $0.385 but soared by over 65% last week to trade at $0.6366, its highest price since April.

This correlation suggests that whale accumulation contributed to the asset’s recent uptrend. In other words, as whales bought large quantities of XRP, the market responded with a positive price movement.

Growth in Total XRP Holders

Another key indicator of XRP’s market dynamics is the growing number of holders. Market data from Santiment illustrates a steady increase in the number of XRP holders in 2024, with a more pronounced rise to 5.25 million total holders during the recent price surge. 

This trend suggests that not only whales but also a broader base of investors are accumulating XRP. The simultaneous increase in both price and the number of holders reflects growing interest and confidence in XRP, driven by recent whale activities.

XRP Outperforms Ethereum

Interestingly, during this past week of major whale accumulation and XRP’s price gain, the asset’s performance outpaced the trajectory observable with Ethereum, the altcoin market leader.

As The Crypto Basic reported today, XRP outperformed ETH by 34.24% over two weeks. This suggests that an investor who bought XRP during its dip instead of ETH would have achieved significantly higher returns. This performance highlights XRP’s strong market position and the influence of significant whale activity on its price.

XRP is currently priced at $0.6027 after seeing a 24-hour trading volume of $1,743,440,225. This price represents a 7.67% increase over the past seven days.