XRP, a popular cryptocurrency, has seen a surge in price recently as the number of shark and whale investors on the network has increased. These investors, known for holding large amounts of XRP, play a significant role in the market and their behavior can impact the price of the cryptocurrency.
Data from on-chain analytics firm Santiment shows that the number of addresses belonging to the 10,000+ coins group has been steadily rising over the past few weeks. This indicates that entities like sharks and whales have been accumulating XRP, with around 2,390 new addresses in this group appearing in just the past five weeks.
The increase in the Supply Distribution metric for these large wallets suggests a bullish trend for XRP. Historically, there has been a correlation between the activity of these investors and the market value of XRP. As the number of large wallets continues to grow, it could signal further price increases for the cryptocurrency in the future.
In terms of price action, XRP has seen a 5% rally in the past 24 hours, reaching $0.65. This upward movement aligns with the increase in shark and whale activity on the network, indicating a positive sentiment among large investors.
Overall, the surge in XRP price can be attributed to the growing presence of shark and whale investors on the network. As these key players continue to accumulate the cryptocurrency, it is likely that we will see further price increases in the near future. Investors should keep an eye on the behavior of these large wallets as it can provide valuable insights into the future direction of XRP’s price.