XRP (XRP-USD) has been making headlines with an incredible 430% price surge over the last 30 days, hitting levels not seen since 2018. This surge began in early November, fueled by a boost in investor confidence after the U.S. elections, especially in tokens linked to U.S. companies like Ripple Labs, according to CryptoQuant data. The rally has caught even the most seasoned crypto traders off guard, but it’s the whale activity that’s truly grabbing attention.
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Whale Movements Signal Market Shifts
Whales, or large holders of cryptocurrency, are known for their ability to move markets. The latest data shows that whale activity with XRP has spiked significantly, which could indicate a potential market top, as whales often sell when prices peak.
According to CryptoQuant analyst Woominkyu, “significant spikes in whale-to-exchange transactions…align closely with XRP price peaks,” hinting that these whales might be preparing to sell. As XRP reached a local price of $2.3, this could indicate a peak in the market, with whales possibly positioning themselves for profit-taking.
XRP Outperforms the Market
XRP’s impressive rise hasn’t just been about whale activity; the token has outperformed even Bitcoin, rising 15.8% in the last 24 hours. As of Tuesday, XRP has surpassed Solana (SOL-USD) and Tether (USDT-USD) in market cap, making it the third-largest cryptocurrency.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
