The number of XRP whale wallets has reached a record high of 332,230, indicating a significant accumulation trend among large investors. This surge comes as XRP has rebounded from its April low of $1.26, climbing 19% to hit $1.50 on Sunday, a three-week peak.
Recent metrics from Santiment reveal that the count of wallets holding at least 10,000 XRP has seen consistent growth, suggesting a strong conviction among larger holders even amid market volatility. This trend has been ongoing since June 2024, reflecting an increasing long-term interest in the cryptocurrency.
Furthermore, the XRP Ledger has experienced a spike in activity, with monthly transactions reaching an all-time high of 71 million in April, a significant rise from 43 million the previous year. This 65% year-over-year growth is attributed to enhanced institutional utility and expanding compliance measures within the XRPL ecosystem.
Analysts indicate that breaking the $1.50 resistance level could propel XRP towards $2, as whale activity and strengthening technical indicators suggest a potential price increase.