XRP Shark and Whale Wallets Increasing
XRP shark and whale wallets have surged in recent weeks, as XRP continues to perform strongly against Bitcoin amid market struggles.
This insight comes from Santiment, a market intelligence firm, highlighting XRP’s impressive rebound.
XRP’s Performance Against Bitcoin
After experiencing three days of losses from February 16 to 18, XRP bounced back, increasing by 6.92% to reach $2.7. This rebound made it the week’s most positive daily performer.
Santiment noted that this uptick resulted in a 9% weekly gain for XRP, distinguishing it from the majority of crypto assets. Currently, XRP’s market cap has increased 6% for the day, and it boasts a 297% increase against Bitcoin (BTC) since November 11, 2024.
In comparison, Bitcoin only increased by 1.08%, illustrating that XRP continues to outperform Bitcoin over time. Since November 11, XRP’s price has risen substantially, from 0.00000732 to 0.00002809, a 284.56% increase in three months.
Increased Confidence from Investors
Amid positive performance metrics, XRP’s ecosystem has seen an increase in shark and whale wallets holding 100,000 XRP or more, rising from 32,958 to 33,219, an addition of 261 wallets.
This rise indicates robust confidence among major stakeholders in XRP despite market fluctuations. Additionally, 511,430 non-empty wallets have emerged over two months, showing growing interest in the ecosystem.
Catalysts include recognition from the U.S. SEC regarding XRP ETF products from Grayscale, 21Shares, and Bitwise, leading to speculation around approval. Furthermore, Brazil recently launched its first XRP ETF, and discussions about XRP’s inclusion in the U.S. strategic crypto reserve are ongoing.
As a result, XRP is holding above the psychological price of $2, currently trading at $2.7035.
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