XRP price is on the rampage amid an impressive whale activity and major metrics seeing positive boost
This is the first time XRP has entered a consolidation phase since early August. XRP, the altcoin associated with Ripple Labs, has been bullish for most of this month. The coin rebounded from a support level of $0.519 earlier in September.
A large number of Whales Accumulates XRP
At this writing, XRP traded at $0.5878 after gaining 2.02% in the last 24 hours and 4.37% in the last seven days. It is worth noting that XRP’s green position on the charts is not the same as that of other digital assets. The coin is ranked as the seventh-largest cryptocurrency, with a market cap of $33.4 billion.
Amidst this price gain, XRP whales are busy accumulating the altcoin. Santiment data shows that the number of whales holding more than $5 million has grown significantly. They are currently in possession of 55% of the XRP total supply. In the past 10 days, these whales have accumulated 380 million XRP worth $228 million.
#Ripple whales bought over 380 million $XRP in the past 10 days, worth around $228 million! pic.twitter.com/Fs9ayiHITA
— Ali (@ali_charts) September 19, 2024
This high concentration level amongst these holders indicates that XRP may soon experience a significant bullish swing. History shows that whale activities always play a crucial role in the price action of XRP. Once they dominate the market, a pivotal bullish movement is typically the next switch.
XRP Gains Traction In Social Discussion
Additionally, XRP’s social dominance is on the high side, with several entities discussing the coin on different platforms. Increased discussion is always a sign of growing interest, which often translates to positive market momentum.
Chart metrics show signals of a bullish sentiment for XRP. Its liquidation heatmap data from Coinglass shows that XRP is bullish. A total of 559,000 XRP is pooled at the $0.5881 price level, suggesting strong interest from buyers. Investors are more confident about XRP and take long positions for future gains.
These investors and traders may not have to wait long because whale control, social dominance, and bullish liquidation may fuel further price action for XRP sooner than expected.
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