Addresses Worth 100 Million to 1 Billion Received 350 Million XRP Worth $826 Million
Social Dominance Increases to 5.61%, Demand Increase Expected
Daily Chart Shows XRP Price Rising Up to 3.25%
XRP has made a strong start to the new year, gaining 10% in the last 24 hours. This rise is notable for the purchase of 350 million XRP in the last two days.
On-chain data suggests that XRP’s rise could continue and gain more momentum. What developments could happen for the cryptocurrency in the coming days?
XRP Holders Start 2025 with High Volume Purchases
The XRP price, which was $2.12 on December 31, 2024, has now risen to $2.36, making it the highest gain among the top 10 cryptocurrencies.
According to BeInCrypto’s analysis, the price increase could be linked to significant XRP accumulation. According to Santiment data, addresses holding between 100 million and 1 billion XRP increased their total balance from $9.36 billion on Tuesday to $9.71 billion today, which translates to the purchase of 350 million tokens worth $826 million.
This large-scale accumulation usually indicates strong buying pressure, and if this trend continues, the XRP price could be on track to rise further. Furthermore, on-chain data shows a significant increase in XRP’s social dominance. Social dominance is a measure of a cryptocurrency’s level of attention in the market.
When social dominance increases, it indicates more discussion and interest in the token. This indicates that if demand for XRP continues to increase, the price could move upwards. As of this writing, XRP’s social dominance has reached 5.61%, and if interest in the token continues, demand could increase. If this trend continues, the XRP price could surpass the $3 level in the first month of the year.
After closing the year above $2, XRP’s daily chart shows a bull flag formation. A bull flag pattern occurs when a strong rally is followed by a brief price pause, which is usually a sign of the next sharp price increase. While breaks below the flag are a sign of correction, XRP’s price has now broken above the flag. This suggests that XRP could rise to $3.25.
If XRP purchases continue in large volumes, the price could rise further. However, if there is significant selling pressure on the token, the trend could reverse and the price could drop to as low as $1.80.