The XRP cryptocurrency has seen a curious increase in whale activity, even as its price continues to decline.
According to analytics provider Santiment, XRP’s price risked falling below the $0.50 mark on Wednesday for the first time since October 19, 2022. However, despite this slump, there was a record number of large transactions on the XRP Ledger network.
Santiment reported that there were 217 transactions exceeding $1 million each on February 1st – a sign of strong continued confidence from XRP whales.
Data shows that wallets holding at least 10 million XRP now account for 67.2% of the total supply, the highest proportion since December 31, 2022. This indicates major XRP holders are not panicking amidst the downward price pressures.
Santiment suggests XRP could be primed for a stronger recovery, particularly if Bitcoin manages to stabilize the overall crypto market in the coming week. XRP is currently ranked 6th among cryptos by market capitalization.
The increased whale activity comes despite recent negative news for XRP. Ripple co-founder Chris Larsen suffered a major hack resulting in the theft of 213 million XRP tokens. This was the largest cryptocurrency theft of 2024 so far.
The news briefly caused XRP’s price to plunge, but Ripple CEO Brad Garlinghouse downplayed concerns, stating that no Ripple-managed wallets were compromised.
With whales doubling down despite the volatility, XRP appears to be showing remarkable resilience thanks to continued faith from its core big-money backers.
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