The number of crypto wallets holding at least 1 million XRP has hit a record high, aligning with a 26% price surge in XRP over the past week.
“Not only are XRP whales growing in number, but their collective holdings are also on the rise,” on-chain analytics firm Santiment reported on Friday, highlighting that wallet addresses holding over 1 million XRP have climbed to an all-time high of 2,743.
Whales now collectively hold 47.32 billion XRP tokens
“XRP is also exhibiting strong momentum,” Santiment noted, calling the trend “a very positive sign for the fourth-largest cryptocurrency.”
According to Santiment data, wallets holding at least 1 million XRP now collectively own 47.32 billion tokens.
XRP has jumped 26% in the past week, reaching $2.80 at the time of writing, according to CoinMarketCap data.
In just the last 24 hours, the token has surged 10%, liquidating $31.44 million in XRP short positions, as per CoinGlass data.
As recently as June 18, traders were split on XRP’s next move, with the cryptocurrency having spent nearly 200 days consolidating within a tight range between $1.90 and $2.90.
Santiment declares the start of altcoin season
XRP’s recent surge is part of a wider market breakout, with Bitcoin hitting consecutive all-time highs—$112,000 on Wednesday, $116,500 on Thursday, and $118,780 on Friday. Ether also saw strong gains, climbing 17.51% over the week to trade at $2,958 at the time of writing.
According to Santiment, market indicators confirm that altcoin season is underway. “The data confirms that, for now, it has,” the firm stated.
They added, “As long as Bitcoin holds above the key psychological support level of around $110,000, traders are likely to continue reallocating profits into altcoins.”
