XRP surges 17% due to massive whale accumulation

XRP (CRYPTO:XRP) has experienced a notable uptick in value, with recent on-chain data indicating significant accumulation by large holders, commonly referred to as whales.

In the past week, XRP has surged over 17%, positioning it as one of the top performers among major cryptocurrencies.

At one point during this rally, XRP's value exceeded $2.89 before retracting slightly.

Despite this minor pullback, the overall trend remains positive, especially as the cryptocurrency market shows signs of recovery.

The driving force behind this price movement appears to be the substantial buying activity from whales.

According to Santiment, an on-chain analytics firm, these whales are entities that hold between one million and ten million XRP tokens.

This group has collectively acquired 1.43 billion XRP over the last two months, marking a remarkable 37.4% increase in their holdings.

The data suggests that these influential investors maintain confidence in XRP's long-term potential, as they continue to accumulate despite previous peaks in price.

The ongoing accumulation trend has intensified over the past week, likely contributing to XRP's recent price recovery.

"The latest rally in XRP has been supported by continued ‘enormous’ accumulation from the whales," Santiment noted.

This behavior from large holders is essential to monitor as it can significantly influence market dynamics.

At the time of reporting, the XRP (XRP) price was $3.06.