XRP Shark and Whale Wallets Have Been on the Rise in Recent Weeks as XRP Maintains a Strong Performance Against Bitcoin Despite the Latest Market Struggles

This is according to an assessment from market intelligence firm Santiment. The platform's recent analysis of the condition of the XRP Ledger (XRPL)

XRP continues to perform well despite the broader crypto market struggles.

According to market intelligence firm Santiment, XRP shark and whale wallets have been on the rise in recent weeks. This indicates that major stakeholders remain confident in XRP despite the recent market downturn.

بررسی عملکرد XRP در برابر بیت کوین

For context, XRP recorded a recovery push yesterday, spiking by a massive 6.92% to reclaim the $2.7 price level. This marked XRP’s most bullish daily performance this week.

Meanwhile, bitcoin only managed to increase by 1.08%. This trend sees XRP outperforming Bitcoin only daily timeframes and has been persistent for some time now.

According to Santiment, with the latest uptick, XRP has now gained 297% against Bitcoin since Nov. 11, 2024. Notably, XRP has outperformed BTC by a mile since the U.S. presidential election.

Particularly, the XRPBTC pair changed hands at 0.00000732 on Nov. 11, 2024. Currently, the pair stands at 0.00002809, indicating an increase of 284.56% in the past three months.

XRP Shark and Whale Wallets Surging

Besides the strong performance XRP has had against Bitcoin and the broader crypto market, the XRPL ecosystem is also witnessing other bullish metrics.

Shark and whale XRP wallets, which contain 100,000 XRP tokens and more, have been on the rise since early-December 2024. Within this timeframe, these wallets have increased from 32,958 to 33,219, representing an addition of 261 more wallets in this category.

According to Santiment, this shows that major stakeholders remain confident in XRP’s potential despite the recent pullback. Notably, this confidence has spread across the ecosystem.

As reported by The Crypto Basic last month, the XRPL welcomed about 511,430 non-empty wallets over a two-month period. Several catalysts have contributed to this growing optimism among investors, ranging from price projections and bullish developments.

For one, the U.S. SEC recently acknowledged filings for XRP ETF products from Grayscale, 21Shares and Bitwise. This has bolstered speculation around an imminent approval.

In addition, yesterday, Brazil welcomed the world’s first XRP ETF. Meanwhile, discussions around XRP securing a place in the proposed U.S. strategic crypto reserve have emerged. Amid these confidence-building developments, XRP has defended the $2 psychological mark. The asset currently trades for $2.7035 at press time.