XRP has been on a pretty impressive run lately, jumping over 40% in the past week and hitting a four-month high of $0.847 on Thursday.
The surge comes at the same time as some big moves by major XRP holders. Wallets with at least one million XRP, often referred to as whale and shark wallets, now have a combined 45.61 billion tokens. This is the highest level of accumulation since June 2018, according to Santiment, which shows a significant change in behavior over the past two years, as these wallets added 3.44 billion XRP, an 8.16% increase in their holdings.
🐳 Wallets with at least 1M XRP now hold a combined 45.61B tokens, their highest amount held since June, 2018. In the past 2 years, whales & sharks have reversed course and accumulated 3.44B more XRP, a +8.16% increase. Traders have enjoyed a +40% return in the past 7 days. pic.twitter.com/nzYNU3CJyW
— Santiment (@santimentfeed) November 14, 2024
This suggests that large investors are becoming more confident in the long-term value of XRP. This increased activity is consistent with the bullish rally we have seen, with a strong return to investors' portfolios. In just seven days, the market has seen a 40% increase in XRP, with the price climbing above $0.82 and maintaining bullish momentum.
Gensler out?
The reasons for the XRP rally are also happening as market participants speculate whether there might be changes at the U.S. Securities and Exchange Commission (SEC). There are rumors that current chairman Gary Gensler might step down, which could shake up the regulatory landscape for cryptocurrency markets.
The token associated with Ripple has been at the center of some pretty high-profile legal battles, and its future is pretty much tied to what happens with the legal and regulatory developments that are still ongoing.
