Whales Are Loading Up on XRP Ahead of a Potential Breakout, Santiment Reports

With the broader crypto market displaying renewed upside momentum, several digital assets like XRP have recorded notable gains in the last 24 hours.

As the broader cryptocurrency market showcases renewed upside momentum, several digital assets like XRP have recorded notable gains in the last 24 hours.

What Happened: As broader crypto market prices rose, several digital assets like XRP have seen notable gains in the last 24 hours.

With increased volatility dampening XRP’s performance, the asset recently reached a new all-time high in the ongoing cycle. After dropping as low as $1,9, the altcoin has transitioned in an upward direction and recovered above the $2.5 price mark.

Despite the sustained downward pressure in recent weeks, investors appear to have maintained a bullish sentiment toward XRP. In a recent post on X, (formerly Twitter), Santiment, a market intelligence and on-chain data platform, reported that large investors, often regarded as ‘whales,’ have accumulated an enormous number of tokens during this period.

This surge in accumulation among key holders showcases unrelenting confidence in the long-term potential of the altcoin. With prices showing signs of recovery and large investors actively accumulating, this places XRP at a critical juncture as it approaches critical resistance zones.

This massive buying pressure is spotted among whale wallet addresses that hold at least 1 million XRP, highlighting the high demand from high-net-worth investors.

The data from the platform shows that these cohorts currently hold more than 46.4 billion XRP. In the last two months alone, the whales have added about 6.5% to their total XRP.

Also, Read: Institutional Money Flows Heavily Into Bitcoin (BTC) As Spot ETF Hopes Grow

Moreover, the usage of XRP’s network has grown amid the increasing interest of investors in the token. Since the beginning of March, address activity has experienced a substantial surge.

According to Santiment, there were almost six times more unique wallets engaging on the XRP network in August compared to previous months.

According to the crypto intelligence platform, XRP has now fully breached the $2.50 resistance for the first time in 12 days following an additional 14% surge in the past 24 hours.

The crypto asset has also pulled away from the broader altcoin pack with its strong recovery.

The stellar move in the crypto asset comes after the U.S. Securities and Exchange Commission (SEC) withdrew its appeal against a lower court ruling in its case with Ripple.

The SEC sued Ripple in December 2020 for illegally selling unregistered securities to investors. A judge ruled in July that the SEC had failed to prove its case and that the majority of Ripple’s sold token offering was in fact a "programmatic token offering."

The SEC is now planning to sue another cryptocurrency exchange.