XRP decouples from Bitcoin, jumps 8% amid market downturn
Ripple’s native crypto, XRP, is riding a bullish wave, printing green indexes on key metrics. XRP price surged by a relatively significant 8% over the last day, outperforming the large-cap cryptos duo of Bitcoin (BTC) and Ethereum (ETH).
Data provided by Santiment shows that XRP Ledger (XRPL) is growing in sharks and whales. The number of wallets holding at least 10,000 XRP has surged in the past five weeks. More than 2,300 such wallets have been registered in this period.
XRP whales are accumulating
The tally of shark and whale XRP addresses has reached a six-month high with 279,400 addresses. It highlights a strong correlation between these wallets and XRP’s market move. Ripple’s native crypto’s price has surged by over 37% in the past 30 days, coinciding with the accumulation by these addresses.
🐳🦈 The amount of wallets holding at least 10K XRP has skyrocketed in the past 5 weeks. 279.4K such shark & whale addresses exist on the ledger, returning to a 6-month high. The correlation between these wallets and XRP's market value has been undeniable throughout 2024. 👍 pic.twitter.com/JRT3629sJH
— Santiment (@santimentfeed) July 30, 2024
XRP’s recent surge is outdoing Bitcoin and Ether on almost every metric over comparable time periods. XRP registered a jump of 37% over the past 30 days, BTC gained around 8%, while ETH declined in the same period.
Data shows that XRP price grew by 25% in the last 60 days. Meanwhile, BTC and ETH prices dropped by 2% and 12%, respectively. However, both cryptocurrencies are still leading Ripple’s token over extended time frames.
Whales accumulate over 111M XRP
WhaleAlert reported several heavy XRP accumulation transactions over the last day. Whale wallets accumulated more than 111 million of XRP (approximately $72 million) in 4 transactions. The largest transaction recorded by the tracker has been the transfer of 38 million XRP (approximately $24.82 million) from Upbit. Another accumulator scooped 27.4 million XRP (approximately $17.2 million) from Binance.
XRP price touched the $0.6561 mark depicting an 8% jump from the low of July 30, $0.6137. It is trading at an average price of $0.651, at the press time. Its 24-hour trading volume spiked by 34% to stand at $2.43 billion.
The recent XRP rally could be directly linked to increased hopes of a settlement of the long-running SEC vs Ripple lawsuit. Speculation following a scheduled SEC closed-door meeting on August 1 has caused optimism among crypto observers.
A recent court filing revealed the SEC’s intention to amend its complaint against Binance, specifically regarding “Third Party Crypto Asset Securities.” This move suggests that the judge might not need to decide on the status of tokens like Solana’s SOL and Polygon’s MATIC as unregistered securities in the immediate future.
Although the filing did not mention any token, traders are viewing this as a potential signal that the legal dispute between the SEC and Ripple Labs could be nearing its end.
