Whale and Shark Accumulation Drives XRP Breakout To $1.26

The rally, driven by market fundamentals and holder action, shows how significant stakeholders strategically accumulate. Particularly, on-chain data demonstrates an interesting whale, shark, and retail wallet pattern.

XRP reached $1.26 on Binance, a level not seen since November 11, 2021. XRP's three-year high comes during a cryptocurrency market rally, but its rise is connected to its main stakeholders' strategic movements and an expected US SEC leadership transition.

Santiment, an on-chain analytics platform, credits big XRP holders, notably wallets holding 1 million to 100 million tokens, for this breakthrough. This holding cohort includes sharks and whales. Semi-large and big XRP holdings.

XRP whale and shark wallets have amassed 453.3 million XRP tokens in the previous week, accounting for 18% of the entire supply. At the average XRP price, this accumulation is worth $526.3 million. Whale and shark wallets accumulate for a reason. Santiment discovered that large-scale market purchases usually indicate positive mood and precede persistent price rises.

Whales and sharks have been buying XRP, while regular traders are selling. Over the previous week, wallets with fewer than 1 million XRP sold 75.7 million tokens worth $87.9 million, according to Santiment. Most of these offloadings have been taken by shark and whale wallets to mitigate the dumps' consequences.

XRP has surpassed Dogecoin as the sixth-largest asset in market cap rankings due to its price spike. XRP is up 11% in 24 hours, while Dogecoin is down 7%.

XRP is now trading at $1.06, down from its three-year high of $1.26. XRP remains optimistic if the sharks and whales can stay above $1. This will cause retail FUD and growth.

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