• XRP trade volume and activity on the altcoin’s blockchain has climbed alongside the asset’s 55% rally since March 21.
  • Large wallet investors in XRP network are scooping up the altcoin, accumulating it ahead of the SEC v. Ripple outcome. 
  • Experts believe XRP price is ready to break into a massive rally at the current levels of accumulation by whales. 

XRP, one of the largest altcoins in the crypto ecosystem, witnessed a massive price rally over the past ten days. On Bybit exchange, XRP price rallied 55% in a ten-day period, yielding massive gains for holders. While XRP holders anticipate the outcome of the SEC v. Ripple case and whales accumulate the altcoin, buying the dips consistently, the altcoin crossed key resistance and hit a high of $0.57. 

Also read: Ethereum price targets rally to $2,000 ahead of ETH token unlock

XRP trade volume and activity climb, here’s what to expect

Based on data from crypto intelligence tracker Santiment, there is a spike in the daily trade volume and activity of users on the XRP network. There is a notable increase in whale activity, and accumulation of the altcoin by large wallet investors. 

XRP active addresses, volume and network growth

XRP active addresses, volume and network growth 

The chart above shows a massive spike in XRP volume since March 26, and an increase in the network growth metric. Typically, this is considered a bullish sign for the altcoin. 

Alongside increasing trade volume, analysts have noted a consistent increase in XRP token accumulation by whales. 

Whales scoop up XRP in large volumes

Large wallet investors on the XRP network holding between 1,000 to 10,000, 10,000 to 100,000 and higher volumes of this token have consistently scooped up more XRP since March 20. 

XRP accumulation by investors

XRP accumulation by investors 

Whale accumulation supports the bullish thesis for the altcoin. Rising interest from investors and scooping up of higher volumes of XRP token are the two prominent drivers of the altcoin’s price rally. 

On-chain metrics point at a sustained rally in the altcoin, however XRP’s correlation with large market capitalization cryptocurrencies like Bitcoin and Ethereum could influence its price in the short-term.

XRP holders are anticipating the cross-border payment settlement firm’s win in the lawsuit brought on by the US financial regulator, the Securities and Exchange Commission. Comments from XRP proponent attorney John Deaton have fueled a bullish sentiment among holders. 

Interestingly, while there is FUD in the crypto ecosystem regarding the status of cryptocurrencies whether they are securities or not, Ripple CTO David Schwartz commented on XRP’s status. 

Schwartz pointed at the exact moment when XRP ceased to be a security and clarified that it happened when Ripple relinquished its control over the XRP Ledger and allowed others to maintain it as well. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Price Forecast: Chances of pullback increase as miner selling ramps up

Bitcoin Price Forecast: Chances of pullback increase as miner selling ramps up

Bitcoin (BTC) price extends its decline for a second consecutive day on Wednesday, trading slightly down at around $87,600 after a 30% surge since November 5 pushed BTC to a new all-time high at $89,940.

More Bitcoin News
Crypto fraudster pleads guilty of taking part in $73 million laundering scheme

Crypto fraudster pleads guilty of taking part in $73 million laundering scheme

Daren Li, a Chinese citizen, pleaded guilty to conspiracy to help launder $73 million stolen in cryptocurrency scams. Li laundered funds using a network of shell companies and international bank accounts.

More Cryptocurrencies News
Cardano bulls show signs of exhaustion

Cardano bulls show signs of exhaustion

Cardano’s price is falling on Tuesday as it faces rejection around $0.624 and traders engaged in profit-taking following the recent rally. Technical indicators show signs of weakness in upward momentum as the RSI exits from the overbought territory.

More Cardano News
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP could face pullbacks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP could face pullbacks

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trade in the red on Tuesday following strong rallies since last week, driven by crypto-friendly candidate Donald Trump's election victory. 

More Cryptocurrencies News
Bitcoin: Further upside likely after hitting new all-time high

Bitcoin: Further upside likely after hitting new all-time high

Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP