XRP Price Goes Upward With Increasing Whale Activity

The crypto market is still facing a declining effect from the raging crypto winter, but  XRP is faring on the daily chart. Since last year, several crypto assets have been struggling to stay afloat as the prices of tokens fluctuate. Unfortunately, the overall outcome has not impressed many crypto participants and investors.

But the new year is bringing a positive turn in the crypto market. Some crypto tokens have started reclaiming their value over the past seven days. For example, XRP has taken a more vital route as it joins the train of bullish tokens for an upward move.

In a new development, the price of XRP surged impressively within a few days. As per data from Coincodex, XRP rose by approximately 10% in the past seven days.

Further, Santiment, an on-chain data provider, reported that cryptocurrency’s recent reclaim in value is due to increasing active addresses.

According to the data provider, XRP recorded about 41K active addresses on January 8, 2023. But the number surged rapidly within the next few days. As a result, the active addresses have grown to over 148K since January 12, 2023. This shows an addition of over 107K active addresses, representing over a 200% increase in less than seven days.

Additionally, XR´whales have been engaging massively in transactions, as per WhaleAlert, a crypto data provider. It noted that within the past 24 hours, whales had moved about 193 million XRP worth almost $70 million cumulatively.

One of the most significant single transactions is a whale’s purchase of 41 million tokens from the Bitso crypto exchange. The tokens are worth more than $15.2 million in the current market price.

Also, WhaleAlert reported a transfer of 28 million XRP worth $10.55 million from an unknown whale wallet. In addition, another transfer of 40 million XRP worth $15.07 million from an anonymous wallet. These transactions moved the funds to Bitso and Bitstampc crypto exchanges, respectively.

The report disclosed that whales transferred up to 88 million tokens to several crypto exchanges in the past 24 hours. 29.1 million XRP tokens went to the Bitstamp crypto exchange within the past day.

On the other hand, the whales purchased 45.2 million XRP tokens from Bitso over the past 24 hours. The value of the total coins is almost $30.7 million based on the current market prices.

The recent bullish trend for XRP indicates a turning for the crypto asset. The coin exhibited impressive volatility, pushing the token to cross its $0.33 support level.

At the time of writing, XRP is trading at $0.3766. Currently, the market cap sits at $18.61B, and its dominance is 2.12%.

According to CoinMarketCap, XRP recorded $1.33 billion in its 24-hour trading volume. This is showing a rise of 5.99% in the past day. Also, in the past 24 hours, its hit $0.3783 and $0.3659 as high and low prices, respectively. Featured image from Pixabay, charts from TradingView.com, Santiment.net