- XRP’s price surged 14% in 24 hours, breaking $2.50 for the first time in 12 days, outperforming other altcoins.
- Large XRP holders with at least 1M coins now control 46.4B XRP, accumulating 6.5% more in just two months.
- XRP’s address activity in March is six times higher than in January and February, indicating rising network utility and engagement.
XRP has broken away from the rest of the altcoin market, rising by 14% in the last 24 hours and crossing the $2.50 resistance level. This growth has been accompanied by a spike in address activity and significant accumulation by wallets with a balance of at least 1 million XRP.
Large holders are accumulating as XRP supply rises
As per Santiment data, wallets with a minimum holding of 1 million XRP currently hold a combined 46.4 billion coins. In the last two months, the holders added another 2.82 billion XRP, a growth that represents a 6.5% increase. This accumulation indicates increasing confidence on the part of big investors, supporting the bullish sentiment in the market.
The increasing stake by major holders aligns with the pattern of the past accumulation by institutions that results in long-term bullish trends. If the trend continues, it could bring even more stability to the price action of XRP, suppressing volatility and supporting long-term growth.
XRP Network Activity Sees Sixfold Increase
March has witnessed a spike in XRP address activity, with individual wallet interactions increasing to nearly sixfold their January and February levels. Growing transaction volume indicates increased network usage, which usually points towards rising adoption and utility.
This rise in active addresses has been the result of increased participation by institutions and retailers. This rise in activity suggests that XRP is being more and more used for payments, which would further establish it as a leading force in digital payments and cross-border settlements.
Technical Trends Indicate Continued Bullish Sentiment
The technical metrics are indicating a long-term uptrend in the price action for XRP. The chart shows an ongoing increase in wallet holdings, following the price surge in the recent past. The price has broken the $2.50 resistance mark, its first in the past 12 days.
If accumulation by major holders continues and network activity does not decrease, XRP may sustain its rise. Traders, though, will be closely observing the supports to determine the extent of the correction. As the momentum gathers, the market players expect more growth, and XRP becomes an important asset to track in the upcoming weeks.
