{"id":21173,"date":"2024-11-17T18:00:43","date_gmt":"2024-11-17T18:00:43","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=21173"},"modified":"2024-11-17T18:00:43","modified_gmt":"2024-11-17T18:00:43","slug":"xrp-price-rockets-past-1-on-chain-data-unveils-key-holder-cohort-behind-breakout","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=21173","title":{"rendered":"XRP Price Rockets Past $1: On-Chain Data Unveils Key Holder Cohort Behind Breakout"},"content":{"rendered":"

Recent market dynamics have seen the XRP price surging past<\/a> the psychological $1 mark for the first time since 2021. This marked a significant milestone for the XRP price, which has spent the majority of the last three years trading below $0.6.\u00a0<\/p>\n

The rally, driven by key market dynamics and specific holder activity, highlights the role of strategic accumulation by large stakeholders. Particularly, on-chain data shows an intriguing trend among whales<\/a>, sharks, and retail wallets.<\/p>\n

XRP Price Breakout To $1.26: Whale And Shark Accumulation Driving Surge<\/strong><\/h2>\n

The XRP price climbed to $1.26 on Binance, reaching a level not seen since November 11, 2021. This three-year high comes during a broader cryptocurrency market rally, but the XRP price growth is tied to the strategic moves of its key stakeholders and an anticipated change in leadership of the US SEC<\/a>.\u00a0<\/p>\n

According to<\/a> on-chain analytics platfrom Santiment, large XRP holders, specifically wallets holding between 1 million and 100 million tokens, have been instrumental in this breakout. Notably, this holder cohort consists of the sharks and whales categories. That is, semi-large and large XRP holders.\u00a0<\/p>\n

XRP whale and shark wallets have collectively accumulated 453.3 million XRP tokens in the past week alone, pushing their total holdings to about 18% of the total supply of XRP. At the current average XRP price, this accumulation is worth around $526.3 million. The accumulation by whale and shark wallets is no coincidence. As Santiment noted, history shows that large-scale acquisitions by market participants tend to signal bullish sentiment and often precede sustained price increases.\u00a0<\/p>\n

Interestingly, while whales and sharks have been accumulating XRP, retail traders have been offloading their holdings. Santiment reported that wallets with less than 1 million XRP have collectively sold 75.7 million tokens over the past week, worth approximately $87.9 million. However, most of these offloadings have been scooped up by shark and whale wallets to essentially counter any negative effects of the dumps.<\/p>\n

What\u2019s Next For XRP?<\/h2>\n

The massive XRP price surge has seen the cryptocurrency displacing Dogecoin in market cap rankings to regain its position as the sixth-largest asset. The XRP price is up by about 11% in the past 24 hours, while the Dogecoin price has declined by about 7%.<\/p>\n

At the time of writing, XRP has retraced a bit from this three-year high of $1.26 and is currently trading at $1.06. Nevertheless, there is still a bullish sentiment surrounding XRP, especially if the sharks and whales can continue to hold above the $1 mark. This, in turn, is set to lead to a\u00a0 simultaneous retail FUD that will fuel more growth.<\/a><\/p>\n

According to crypto analyst Egrag Crypto, the next bullish step is for the XRP price to close above $1.10 on the current weekly candlestick.<\/p>\n

Featured image from DALL-E, chart from TradingView<\/em><\/p>","protected":false},"excerpt":{"rendered":"

Recent market dynamics have seen the XRP price surging past the psychological $1 mark for the first time since 2021. This marked a significant milestone for the XRP price, which has spent the majority of the last three years trading below $0.6.\u00a0 The rally, driven by key market dynamics and specific holder activity, highlights the […]<\/p>\n","protected":false},"author":0,"featured_media":21174,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-21173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/21173"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21173"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/21173\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/21174"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}