XRP Surges Past $0.60 Milestone as Whale Holdings and Bullish Sentiment Drive Price Increase

XRP has surged past $0.60, a milestone not seen since April. This price jump is fueled by increased holdings from large investors, known as whales and sharks

The price of XRP has surged past $0.60, a level last seen in April, as large investors, known as whales and sharks, continue to increase their holdings.

According to data from the market intelligence platform Santiment, XRP’s price increase coincides with a rising trend in whale holdings, which have been accumulating the token since last August.

The latest Santiment data shows that wallets holding 100,000 or more XRP coins have reached a record high, now owning 51.59 billion tokens. This amounts to 85% of the total token supply, the highest concentration in 11 months.

The accumulation by these large holders has a direct impact on the token’s price, reflecting strong confidence among significant investors, a clear bullish signal.

As XRP’s price continues to rise, so does trader sentiment towards the token. Santiment’s analysis indicates a positive shift in weighted sentiment following the token’s price increase.

In contrast, Cardano (ADA) faces heavy bearish sentiment, its highest in over a year. ADA’s price has dropped 43% over the past four months, contributing to this negative outlook. Comparatively, Bitcoin (BTC) and Ethereum (ETH) also have negative sentiments, but not as severe as ADA.

Meanwhile, Ripple’s recent activities include transferring 150 million XRP amid a 30% price surge, as reported by local media.

This move reportedly brought the token to a new monthly high of $0.602. XRP’s price also experienced a 36% increase over the past seven days.

Furthermore, trading volumes have also skyrocketed, with $3.26 billion worth of tokens exchanged in just 24 hours, a 40% increase from the previous day.

As previously reported, large XRP addresses are accumulating the token, while smaller addresses are selling. Those holding between 1 million and 10 million XRP have been consistently increasing their holdings.

This steady accumulation hints at a strong, underlying confidence in the token’s future potential.🎜

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