XRP whales now control 47.32B coins, showing strong institutional confidence as price breaks out to a 7-week high of $2.39.
Strategic whale accumulation between $0.30 and $0.70 fueled XRP’s breakout, a potential long-term shift in market sentiment.
With over 2,743 whale wallets and rising volume, XRP’s price action suggests institutional backing and possible continued upside.
XRP has surged to a 7-week high of $2.39, marking a strong recovery after months of consolidation. This move follows whale accumulation, with 2,743 wallets now holding over 1 million XRP each. These large holders now control 47.32 billion coins—near an all-time high.
The sharp rise in price and wallet concentration reflects growing confidence among institutional players and deep-pocketed investors. Additionally, the data suggests that whales began accumulating during XRP’s low range between $0.30 and $0.70 earlier in 2024.
Whale Accumulation Signals Strategic Positioning
According to Santiment data, accumulation by whales intensified through mid-2024 as XRP hovered between $0.40 and $0.60. These price zones provided entry points for large players to build long-term positions. Wallets holding at least 1 million XRP consistently grew, reflecting smart money entering the market before the recent price breakout.
Source: Santiment
Moreover, this trend unfolded over several months. Price action showed repeated tests of support without breaking lower. During that time, whales accumulated aggressively, positioning themselves for a bullish reversal. This suggests that market participants with higher capital had a longer-term strategy in play.
Price Breakout Coincides with Record Whale Holdings
The current count of 2,743 whale wallets is the highest in XRP’s history. These addresses now collectively hold 47.32 billion XRP tokens. That figure reflects over 40% of the circulating supply. This level of concentration reveals strong conviction among key stakeholders.
Furthermore, trading volume patterns confirm institutional participation. High-volume transactions supported both the accumulation and breakout phases. Hence, the recent surge in XRP price appears driven by sustained, well-capitalized buying pressure rather than retail hype.
Consequently, the alignment between whale wallet growth and price performance is not a coincidence. It suggests a robust foundation for future moves. If current buying interest holds, XRP could see continued upside. Besides, the whale concentration points to fewer tokens in circulation, potentially tightening supply.
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