XRP has recovered nearly all the losses from the recent Thursday market crash, as whale accumulation and a unique address spike drive positive momentum.
The broader crypto market suffered another disastrous day on Thursday, Feb. 5, leading to losses comparable to the 10/10 crash. Specifically, the global crypto market lost $311 billion on Feb. 5, dropping 12.69% in its largest intraday decline since the FTX-inspired crash on Nov. 9, 2022.
Being one of the most liquid altcoins in the market, XRP witnessed some of the largest losses, crashing by a whooping 19.62% to $1.21 by the close of the day. However, it appears XRP has now recovered nearly all these losses, with the rebound driven by whale accumulation and a unique address spike.
Santiment, a leading blockchain analytics resource, spotlighted the recent development as the crypto market tries to recover from the Feb. 5 turbulence. For context, the crash, which led to $311 billion in global crypto valuation, pushed the total crypto market cap to a low of $2.05 trillion for the first time since October 2024.
While Bitcoin contributed the most to this loss, amounting to $205 billion in lost valuation, XRP also suffered a sizable decline worth $18.12 billion, the third-largest in the market, despite only being the fourth-largest token. Michaël van de Poppe suggested that XRP’s harder collapse was due to its drop into an air pocket.
However, market data confirms that XRP appears to be recovering better than the rest of the market as the rebound campaign begins. Notably, on Feb. 6, XRP surged by 21% close above the $1.46 price. In comparison, this outpaces the gains recorded by the other top 5 assets: Bitcoin (+12%), Ethereum (+13%), BNB (+8%), and Solana (+11.67%).
XRP is now holding up better than these tokens, recording lower losses in the past week. As a result, Santiment suggested in its latest commentary that XRP’s price action has been on a “huge tear.”
The platform called attention to two factors contributing to the rebound: massive whale accumulation and a surge in unique addresses. According to Santiment, those who panic-sold their tokens during the drop should have watched out for a rise in bullish activity on the XRP Ledger despite the downtrend.
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