XRP has enjoyed rallying beyond the $3.2 mark as on-chain data shows that the cryptocurrency is among the altcoins seeing the biggest spikes in whale activity.
The XRP Whale Action Account has recently exploded
In new mail on X, the analyst company on the chain Santiment has seen the list of altcoins that saw the biggest jumps in the Whale Action Account in the last week. The “Whale Action Account” here referring to a token that keeps track of the total number of transactions that occur on a particular network that carries a value of more than $100,000.
Only the a whale Organizations are usually able to move large amounts with single transactions, so the metric is assumed to reflect the level of activity in which these humble investors participate. . When the Whale Transaction Count has a high value, it means that the whales are making a large number of transactions on the blockchain. A move like this means that these key holders have a vested interest in trading the asset.
On the other hand, the low indicator indicates that large investors may not pay much attention to the digital currency because their transactions are still at a low level.
Now, here's the table posted by the analytics company that shows the ranking of the altcoins (with a market cap higher than $500 million) in terms of the percentage increase in Whale Activity Count over the week which went:
As shown above, there have been seven cryptocurrencies that have seen a Whale Action Account spike of at least 100% during this period. The altcoin that stands out the most on the list, however, is in eighth place: XRP (XRP).
The asset has seen about an 81% increase in whale activity in the last seven days, which, although less than the others, is still more impressive simply because there is a cap a much larger market at the bottom.
XRP would already have many active whales on the blockchain, so recording growth of this level would be an incredible increase in transactions in real numbers.
In general, a high Whale Activity Score is a potential asset price volatility factor. The resulting price action can be in either direction, as the indicator only tracks the number of moves and does not contain information on whether the whales are moving for reasons buy or sell.
In the case of XRP, however, it would seem that these transactions have actually been for buying, since its price has seen an impressive rally of almost 41% within the window.
Interestingly, the altcoin that tops the list is not one with a variable price, but a stable: Dai on the BNB blockchain. “For stablecoins, increased activity is usually a good sign that large amounts of money are being prepared to be exchanged for altcoins that are common with that stablecoin's trading pair,” Santiment said.
XRP price online
At the time of writing, XRP is trading around $3.2, down 2% over the past 24 hours.
