"XRP whales have purchased 3.17 billion XRP for 16 consecutive months"

According to a report by Santiment, XRP’s big whales have added 3.17 billion tokens, significantly boosting network activity.
As cryptocurrency markets hinted at the possibility of another breakout at the start of this week, a new report from market intelligence platform Santiment revealed aggressive accumulation patterns among major players in the space.
Focusing on Bitcoin, Ethereum, XRP, and Chainlink, the analysis reveals an increase in strategic asset purchases by whales and sharks, terms used in colloquial language to describe large-scale holders.
XRP Takes the Spotlight
Particularly striking in Santiment’s analysis was the activity surrounding XRP. Wallets holding more than 10 million XRP (worth more than $5.1 million) showed considerable movement over a four-year time span.
Notably, Santiment’s chart shows that after reaching a low point in holdings 16 months ago, these entities have significantly increased their holdings, adding approximately 3.17 billion XRP to their reserves.
This increase occurred despite ongoing market pressure stemming from XRP’s legal dispute with the U.S. Securities and Exchange Commission (SEC). Amid Ripple’s lawsuit, the cryptocurrency has shown significant price volatility, almost reaching $2 in 2021 before experiencing a sustained period of decline.
Growth in Internet activity in Q1 2024
Further evidence supporting the findings for XRP’s performance came when Messari reported that the network’s activity metrics had seen significant growth in the first quarter of the year. The report states that the number of active addresses interacting with the XRP network increased by 37%.
Additionally, transaction volume increased by 113% on a quarterly basis. This increased activity indicates that interest and participation in the XRP ledger is growing.
A positive outlook for XRP
Amid the accumulation trend, a report from The Crypto Basic predicts an uptick in XRP sentiment development. According to the report, analyst World of Charts highlighted a noteworthy technical formation showing that XRP has formed a classic symmetrical triangle pattern.
This chart pattern often indicates a possible breakout. The report further suggested that if a breakout occurs, the price target could be in the range of $4 to $5, indicating a potential growth of 453.71%.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may reflect the personal opinions of the author and do not necessarily reflect the opinions of The Crypto Basic. Readers are encouraged to perform thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.