XRP surged more than 6.7 percent in the past 24 hours, breaking above the $1.50 mark and outpacing its major digital asset peers. Over the past week, the cryptocurrency has gained 8.8 percent, posting the strongest rise among the top 10 coins in the market during this period.
Major investors drive new accumulation
A major catalyst behind XRP’s sharp recent increase has been accumulation by large investors, often referred to as whales. According to updated data from Santiment Intelligence, the total holdings in wallets with over 10 million XRP have reached 45.83 billion, accounting for a substantial 68.48 percent of the total circulating supply. This concentration of XRP in large wallets has hit its highest point since May 2018. Despite ongoing market uncertainty, mid-sized and large investors continued to buy XRP, signaling notable confidence in its short-term prospects.
The number of wallets holding at least 10,000 XRP has also soared to a record high of 332,230. This signals an ongoing accumulation cycle as both institutional and large individual investors prepare for the long term.
Trading volume spikes in global exchanges
Another significant driver in XRP’s rally has been a single large purchase of nearly $1 million on the Coinbase exchange. Immediately after this transaction, the price surged sharply. Demand in South Korea surged as well, with the country’s top crypto platform, Upbit, recording record XRP buying activity.
Recently, XRP’s trading volume on Korea’s Upbit and Bithumb exchanges even surpassed the combined volumes of Bitcoin and Ethereum. Appetite for risk assets is particularly strong among Korean retail investors. Analysts highlight that when XRP’s price nears key resistance areas, the rise in Korean trading volumes typically signals heightened risk willingness among local traders.
Market dynamics and latest update
Both global and local exchanges have played a pivotal role in XRP’s latest jump. Contributing factors include the recent wave of accumulation by large wallets on its network, along with high-volume trades on Coinbase and major Asian platforms. These factors collectively allowed XRP to shake off recent pressure and outperform other leading crypto assets in the short term.
Latest blockchain data shows that holdings in wallets with over 10 million XRP have reached their highest since May 2018. Simultaneously, a record surge in the number of wallets with at least 10,000 XRP underlines growing institutional and large-user interest in the asset.
According to CoinGecko, XRP is currently among the best-performing assets in the top 100 cryptocurrencies. Data from CryptoAppsy shows XRP’s break above $1.50 marks it as one of the week’s standout movers.
In summary, XRP’s strong price movement is tightly linked to robust institutional accumulation, record retail wallet numbers, and concentrated surges in exchange trading volumes, particularly in key Asian markets like South Korea.
The increasing appetite among Korean investors for risk assets has fuelled much of XRP’s recent growth, as local exchanges report demand eclipsing even the most established cryptocurrencies.
While overall market sentiment remains cautious, the high concentration of XRP among large holders and investors’ willingness to bet on further gains offers a glimpse of renewed confidence in the token’s trajectory.
XRP’s ability to attract both institutional and individual buyers amid turbulent markets places it ahead of other major tokens in terms of recent growth and momentum.
