- XRP trade volume and activity on the altcoin’s blockchain has climbed alongside the asset’s 55% rally since March 21.
- Large wallet investors in XRP network are scooping up the altcoin, accumulating it ahead of the SEC v. Ripple outcome.
- Experts believe XRP price is ready to break into a massive rally at the current levels of accumulation by whales.
XRP, one of the largest altcoins in the crypto ecosystem, witnessed a massive price rally over the past ten days. On Bybit exchange, XRP price rallied 55% in a ten-day period, yielding massive gains for holders. While XRP holders anticipate the outcome of the SEC v. Ripple case and whales accumulate the altcoin, buying the dips consistently, the altcoin crossed key resistance and hit a high of $0.57.
Also read: Ethereum price targets rally to $2,000 ahead of ETH token unlock
XRP trade volume and activity climb, here’s what to expect
Based on data from crypto intelligence tracker Santiment, there is a spike in the daily trade volume and activity of users on the XRP network. There is a notable increase in whale activity, and accumulation of the altcoin by large wallet investors.
XRP active addresses, volume and network growth
The chart above shows a massive spike in XRP volume since March 26, and an increase in the network growth metric. Typically, this is considered a bullish sign for the altcoin.
Alongside increasing trade volume, analysts have noted a consistent increase in XRP token accumulation by whales.
Whales scoop up XRP in large volumes
Large wallet investors on the XRP network holding between 1,000 to 10,000, 10,000 to 100,000 and higher volumes of this token have consistently scooped up more XRP since March 20.
XRP accumulation by investors
Whale accumulation supports the bullish thesis for the altcoin. Rising interest from investors and scooping up of higher volumes of XRP token are the two prominent drivers of the altcoin’s price rally.
On-chain metrics point at a sustained rally in the altcoin, however XRP’s correlation with large market capitalization cryptocurrencies like Bitcoin and Ethereum could influence its price in the short-term.
XRP holders are anticipating the cross-border payment settlement firm’s win in the lawsuit brought on by the US financial regulator, the Securities and Exchange Commission. Comments from XRP proponent attorney John Deaton have fueled a bullish sentiment among holders.
#XRP w/o a doubt is the answer to the question 1st, slammed as a Bankers Coin - the opposite of what #Bitcoin stood for (originally). 2nd, called a shit coin by @VitalikButerin. 3rd, labeled a security by the SEC and thus, declared dead. In the end, #XRP is the comeback coin. https://t.co/8fA2nC1CCt
— John E Deaton (@JohnEDeaton1) March 28, 2023
Interestingly, while there is FUD in the crypto ecosystem regarding the status of cryptocurrencies whether they are securities or not, Ripple CTO David Schwartz commented on XRP’s status.
I think the server code becoming open source was the point where people no longer had to rely on Ripple to maintain the ledger.
— David "JoelKatz" Schwartz (@JoelKatz) March 28, 2023
Schwartz pointed at the exact moment when XRP ceased to be a security and clarified that it happened when Ripple relinquished its control over the XRP Ledger and allowed others to maintain it as well.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.