XRP News Today: Ethereum Whales Control 75.74% of Supply, XRP Whales Hit All-Time High

Cryptocurrency analysis firm Santiment has released a detailed report on the current market dynamics, highlighting significant movements in the Ethereum and XRP markets. According to Santiment's data, large wallets holding more than 10,000 ETH now control 75.74% of the Ethereum supply, a level not seen since May 2017. This concentration of ETH in large wallets is considered a long-term bullish signal by the firm.

While Bitcoin continues to dominate headlines, Ethereum is quietly gaining traction as it approaches the $3,000 mark. Social media sentiment surrounding ETH is highly optimistic, but Santiment analyst Brian cautions that this overwhelmingly positive sentiment could be counterproductive in the short term. The firm's data also reveals that memecoins led the cryptocurrency sector with an average increase of 17% last week, which Brian suggests could indicate market saturation and a potential peak.

The number of wallets holding one million XRP or more has reached an all-time high of 2,743, according to Santiment. This increase in the number of large XRP holders, or "whales," suggests growing interest and confidence in the cryptocurrency among high-net-worth investors. The total amount of XRP held by these whales is also increasing, indicating substantial accumulation of the asset. This double-edged surge is considered a strong bullish signal for XRP.

Santiment's data also shows that many altcoins are outperforming Bitcoin. However, the sustainability of this trend depends on Bitcoin's stability above a critical threshold. The firm stated that the next few days, particularly Monday, will be a true test of the market's momentum. Analysts predict that this period will reveal whether the crypto market can maintain its recent gains.

Despite the recent rally in altcoins like XRP, Solana, and ADA, the 60% plus threshold for altcoin season has not been maintained. This suggests that the current market conditions may not be conducive to a sustained altcoin rally. The recent surge in XRP and Ethereum prices has been attributed to increased institutional interest, growing adoption of blockchain technology, and positive regulatory developments. The accumulation of XRP by whales and the transfer of ETH by the ETH Foundation have also been cited as potential catalysts for the recent price movements.

However, it is crucial to note that the cryptocurrency market is highly volatile and subject to sudden price swings. While the recent increase in the number of XRP and Ethereum whales may be a positive sign, it is not a guarantee of future price performance. Investors should exercise caution and conduct thorough research before making any investment decisions. The recent surge in the number of XRP and Ethereum whales, as well as the price movements of these cryptocurrencies, reflect the growing interest and confidence in the market. Investors should remain vigilant and stay informed about the latest developments to make informed investment decisions.