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XRP surges to 3-month high as whale wallets accumulate

XRP surges to 3-month high as whale wallets accumulate

As the recent bullish wave brought advances to many assets in the cryptocurrency market, XRP has crossed a critical psychological price mark for the first time since early August, and whales have been accumulating at the highest levels this year.

Specifically, the XRP holdings of cryptocurrency wallets with between 100,000 and one billion of the asset have reached 45.8% of its total supply – the highest level in 2023, whereas the market value of XRP Ledger’s cryptocurrency surpassed $0.68 for the first time since August 2, according to recent data.

It is also important to note that the increased whale accumulation and market value have accompanied the largest spike in XRP discussion rates since mid-July and XRP’s move up 23% against the price of Bitcoin (BTC) in the past week alone, as shared by the blockchain analytics platform Santiment on November 6.

XRP whales holdings and social dominance. Source: Santiment

XRP price analysis

Indeed, the price of XRP at press time stood at $0.6932, which represents an increase of 1.7% in the last 24 hours, in addition to the gain of 21.08% across the previous seven days, and advancing 32.95% over the past month, according to the latest charts on November 7.

XRP 7-day price chart. Source: Finbold

Meanwhile, XRP has even briefly managed to cross the $0.7 mark yesterday, having rallied 10% in a single day amid a crypto market-wide slowdown and driven by the positive narrative surrounding the legal standoff between Ripple and the United States Securities and Exchange Commission (SEC).

As it happens, several legal experts earlier observed that the amount of damages that Ripple would have to pay over the XRP sales to institutional buyers, which the court declared securities sales could be a lot lower than the $770 million penalty that the regulator is seeking now that the case is over.

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