XRP Reaches 6-Year High – Whales And STH Accumulate Together
XRP has soared to a staggering $2.49, reaching its highest market capitalization since January 8, 2018. The price has soared 395% since November 5, an impressive milestone that reflects renewed investor enthusiasm and strong market momentum. XRP’s rapid rise has reignited discussions about XRP’s potential as one of the cryptocurrency market’s outperformers.
Related reading
Key data from blockchain analytics firm Santiment highlights a significant accumulation trend among major shareholders. Within three weeks, wallets holding between 1 million and 10 million XRP have accumulated 679.1 million tokens, equivalent to $1.66 billion. This positive accumulation highlights the growing confidence in XRP’s prospects, especially amid the bullish sentiment shown in the broader market.
Analysts suggest The coming weeks could bring further gains to XRP and the cryptocurrency market as a whole, driven by high interest and strong demand. As XRP tests these new highs, focus will turn to whether it can sustain the momentum and break above psychological resistance.
With market dynamics favoring a bullish outlook, XRP’s performance could set the tone for altcoins entering the next phase of this market cycle. Investors are now keenly watching XRP’s trajectory at this critical moment.
XRP extends record-breaking rally
XRP’s remarkable upward trend shows no signs of slowing down, with the asset surging 30% in 24 hours to decisively breach the $2 mark. After briefly consolidating below $2, the rally pushed XRP to an impressive $2.49 – its highest level since January 8, 2018.
The latest blockchain data from Santiment The underlying forces driving this surge are revealed. The main accumulation trend shows that wallets holding between 1 million and 10 million XRP have added a total of 679.1 million tokens in just three weeks.
This equates to a staggering $1.66 billion, indicating renewed confidence among major shareholders. Additionally, XRP’s total number of non-empty wallets has reached a historic milestone, surpassing 5.5 million for the first time in the cryptocurrency’s more than 8-year history.
The confluence of these bullish indicators confirms that demand for XRP is intensifying, fueling its record-breaking rise. Analysts and investors are paying close attention, noting that XRP’s upward momentum is strongly supported by continued expansion in wallet activity and accumulation patterns.
Related reading
As XRP capitalizes on these bullish trends, its ability to sustain and build on this momentum will be crucial. If accumulation and wallet growth continue at this rate, XRP may redefine its place in the cryptocurrency market, setting a new benchmark for its next move higher.
XRP price remains at $2.30
XRP is trading at $2.30 and after a significant rally, its price reached $2.50, which is close to its all-time high. This marks a remarkable performance for XRP, which has posted significant gains over the past month, revisiting price levels last seen in 2018.
Bullish momentum remains intact, with traders keeping a close eye on the $2.30 level as key support. If XRP holds above this level in the coming hours, a move above $2.50 seems increasingly likely, setting the stage for the asset to test higher resistance.
However, failure to maintain support at $2.30 may lead to a short-term pullback, with the price likely to find demand at $2.08. This key level could set the stage for further consolidation before XRP attempts another upward move.
Related reading
As market participants continue to focus on XRP’s price action, its ability to sustain these levels will determine its next trajectory. With bullish sentiment still driving demand, the coming hours will be crucial for XRP to consolidate its position above $2.30 and target new milestones above $2.50.
Featured image from Dall-E, chart from TradingView
