XRP News Today: XRP Surges 12.97% Weekly as Whales Hold 47.32 Billion

Ripple's XRP has experienced a notable surge in market value, retesting levels last seen in May and approaching its all-time high of $3.84. This bullish momentum is driven by a significant increase in demand, as evidenced by the asset's recent performance. According to data from Santiment, XRP’s market value has hit a 7-week high, crossing above $2.39 for the first time since May 23rd. This surge is largely attributed to the activities of XRP whales, who hold at least 1 million XRP each. These whales are showing a long-term commitment to XRP, with their collective holdings surpassing $155 billion. Currently, there are 2,742 wallets holding at least 1 million XRP, just one short of the all-time high of 2,743. These whales collectively hold 47.32 billion XRP, demonstrating their confidence in the asset's future.

The weekly performance of XRP has been remarkable, with 7-day gains reaching 12.97%, resulting in a press time price of $2.8. XRP is currently the second-highest weekly gainer behind Ether, although both altcoins have outperformed Bitcoin this week. The asset has been on an upward trajectory since mid-June, with gains secured over the last 30 days amounting to 6.48%. This sustained growth indicates a strong bullish sentiment among investors, particularly the whales who are playing the long game. Their collective holdings and the increasing number of wallets with significant XRP balances suggest a robust support system for the asset, which could potentially drive it towards its all-time high. The commitment of these whales to XRP underscores the asset's potential for further growth and its position as a key player in the cryptocurrency market.

Santiment’s analysis highlights the key role of XRP whales holding at least 1 million XRP, currently valued at a whopping $2,458,300 at the time. Remarkably, whales appear to be fully committed to playing the long game, as large whales holding at least 1 million XRP nears the 3,000 mark. These whales are showing a long-term commitment to XRP with collective holdings surpassing $155 billion. As Santiment puts it, “There are currently 2,742 wallets holding at least 1M XRP, one off from yesterday’s all-time high of 2,743. Additionally, these 1M+ wallets collectively hold 47.32B XRP, as they continue to show confidence in the 4 market cap’s future.”