XRP Whales Hit Record High as Price Surges 26% Weekly

XRP Whale Accumulation Reaches All-Time High

The number of cryptocurrency wallets holding at least 1 million XRP tokens has reached an unprecedented all-time high, coinciding with a significant 26% surge in XRP's price over the past week. This milestone represents a crucial indicator of institutional and large investor confidence in the digital asset.

Record-Breaking Whale Count of 2,743 Wallets

According to onchain analytics platform Santiment, the number of wallets holding over 1 million XRP tokens has surged to a new all-time high of 2,743. This represents not only an increase in the total number of XRP whales but also a growing accumulation of tokens by these large holders.

The analytics firm noted that this dual trend of increasing whale count and growing token accumulation is a very positive sign for XRP, which currently ranks as the fourth-largest cryptocurrency by market capitalization.

47.32 Billion XRP Tokens Under Whale Control

Current data reveals that 47.32 billion XRP tokens are now held by cryptocurrency wallets containing at least 1 million tokens. This substantial accumulation by large holders demonstrates strong conviction in XRP's long-term potential and market position.

XRP Price Performance Shows Strong Momentum

XRP has experienced remarkable price performance, surging 26% over the past seven days to trade at $2.80 at the time of publication. The cryptocurrency has demonstrated particularly strong short-term momentum, with a 10% spike recorded over the past 24 hours alone.

This recent price surge has had significant impact on the derivatives market, with CoinGlass data showing that the rally wiped out $31.44 million in XRP short positions, indicating strong bullish sentiment among traders.

Recovery from Extended Consolidation Period

The current rally marks a significant shift in XRP's market dynamics. Just last month, on June 18, traders were divided on XRP's next direction as the cryptocurrency had been consolidating for nearly 200 days within a range of $1.90 to $2.90. This extended period of sideways movement has now given way to decisive upward momentum.

Broader Market Context and Altcoin Season

XRP's recent rally is part of a broader cryptocurrency market breakout that has seen Bitcoin reach consecutive all-time highs. Bitcoin achieved new records of $112,000 on Wednesday, $116,500 on Thursday, and $118,780 on Friday, providing a strong foundation for altcoin performance.

Ethereum has also participated in this market-wide rally, surging 17.51% across the week to trade at $2,958 at the time of publication. This broad-based strength across major cryptocurrencies has led analysts to declare the beginning of altcoin season.

Altcoin Season Confirmation and Market Outlook

Santiment's analysis confirms that altcoin season has indeed begun, with metrics supporting this bullish assessment for alternative cryptocurrencies. The analytics platform suggests that as long as Bitcoin can maintain its position above the crucial psychological support level of around $110,000, traders will likely feel comfortable redistributing profits into altcoins.

This market dynamic creates a favorable environment for XRP and other alternative cryptocurrencies to continue their upward trajectory, supported by the combination of strong whale accumulation and broader market momentum.

Technical Analysis and Future Prospects

The combination of record whale accumulation and strong price performance suggests that XRP may be positioned for continued growth. The breaking of the extended consolidation pattern, combined with the broader cryptocurrency market rally, provides multiple catalysts for sustained upward momentum.

Market participants are closely monitoring whether XRP can maintain its current price levels and potentially break through key resistance levels in the coming weeks. The strong whale accumulation provides a solid foundation of support, while the broader altcoin season environment offers additional tailwinds for price appreciation.

Conclusion

XRP's achievement of record whale accumulation levels, combined with strong price performance and favorable market conditions, presents a compelling case for continued momentum. The cryptocurrency's ability to break free from its extended consolidation period and participate in the broader market rally demonstrates renewed investor confidence and institutional interest.

As the altcoin season gains momentum and whale accumulation continues to reach new heights, XRP appears well-positioned to benefit from both fundamental strength and favorable market dynamics in the near term.