XRP Whale Activity Hits All-Time High as Ripple [XRP] Price Reaches 6-Year High of $2.875

Since hitting a local low of $1.5 a week ago,  Ripple [XRP] has experienced a sustained rally reaching a 6-year high of $2.875.

Ripple (XRP) price hit a 6-year high on 11 April, continuing its remarkable rally. At the time of writing, XRP price was trading at $2.74, reflecting an 89.17% increase over the past week. On monthly charts, the altcoin had surged by a massive 445.05%.

As XRP price rallied to hit new highs, several factors influenced its price movement. One key aspect that stood out was a surge in whale activity.

According to a recent analysis by Cryptoquant analyst Kriptolik, XRP whale activity reached an all-time high. Since the altcoin’s launch, it had never caught the attention of whales to this extent. This newfound interest among large holders indicated that XRP was now being embraced as a valuable asset by whales.

Throughout the past week, whales were actively accumulating. According to an analysis by Ali Martinez from Santiment, these whales purchased an additional 160 million XRP tokens over the past weekend, which were valued at $380 million.

When whales turned to accumulate, it suggested that the market was highly confident with an asset and saw massive potential. This market confidence and interest among whales were especially evidenced by a surge in whale transaction count (>$100k). Over the past week, this surged from a low of 187 to a high of 1806 at press time.

Usually, increased whale activity had potential impacts on an asset’s price direction. If whales were selling, it tended to increase selling pressure, thus driving prices down.

On the other hand, if whales were accumulating, it resulted in a supply squeeze which potentially pushed prices up. In this case, with XRP surging to become the third largest crypto by market cap, it would be true to say that these whale activities were mainly accumulation.

This was supported by a reduced whale to exchange transactions. Thus while whales engaged with the market, their transactions were not sent to exchanges but off exchanges. Such market behavior pointed towards an accumulation trend.