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Santiment has identified whale accumulation as the key reason behind XRP's recent 36% price surge, revealing significant market movements.
XRP Faces Resistance at $0.56610
Santiment, a well-known on-chain data aggregator, has uncovered one of the main causes of the recent enormous XRP price spike. Retweeting a post with a Santiment graphic, the analysts' team commented on the chart and the recent spike in the price of XRP, which occurred over the past 10 days.
However, XRP has tried and failed twice this week to break above the $0.56610 zone, prompting it to drop down.
U.Today elaborates that the recent accumulation of XRP by major whales reportedly had a "positive impact" on the coin's +36% price increase that occurred on the market from July 7 to 13, as stated in the Santiment tweet.
Whales Amass Over $300M in XRP
Crypto whales, defined as holders of 10–100 million XRP, amassed over $300 million worth of XRP between July 12 and 15, according to the chart. They also bought about the same amount of XRP for wallets that have 100,000 to 1,000,000 XRP.
The popular cryptocurrency acronym "FOMO" (meaning "fear of missing out") has been plaguing XRP and LTC recently, according to Santiment's research in another tweet.
The price of XRP, the seventh-largest cryptocurrency, has risen significantly during the last seven days.
On Saturday, it fell 7% and earlier today, it fell about 6%, after two attempts to break above the $0.56610 zone. However, it encountered huge sales at these levels. The Ripple-affiliated cryptocurrency XRP is trading at $0.54238 as of this writing.
Whale Transfers to Unidentified Wallets
Prominent blockchain investigator Whale Alert discovered a string of huge XRP transfers earlier this week. Out of those, three went to wallets that weren't associated with Binance. Their total holdings of XRP were around 110 million, valued at $57.1 million.
Additionally, an unidentified wallet sent 28,070,000 XRP to the Bitstamp exchange. That worked out to $14,936,884.
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