XRP has enjoyed a rally above the $3.2 mark as on-chain data shows the cryptocurrency is among the altcoins witnessing the biggest spikes in whale activity.
The transaction count of XRP whales has exploded recently
In a new post on X, on-chain analytics firm Santiment shared the list of altcoins that saw the biggest increases in Whale transaction counts over the past week. The “Whale Transaction Count” here refers to an indicator that tracks the total amount of transfers occurring on a given network carrying a value greater than $100,000.
Only whale entities are usually able to move such large amounts with single transactions, so the parameter is assumed to reflect the level of activity in which these huge investors participate. When the whale transaction count has a high value, it means that the whales are making a large number of moves on the blockchain. This trend implies that these key holders have a significant interest in trading the asset.
On the other hand, the fact that the indicator is low suggests that large investors may not pay much attention to the cryptocurrency as their transactions remain at a low level.
Now, here is the table published by the analytics firm showing the ranking of altcoins (with a market capitalization above $500 million) in terms of percentage increase in whale transaction count over the past week:
As visible above, there were seven cryptocurrencies that witnessed a spike in Whale transaction counts of at least 100% during this period. The altcoin that stands out the most on the list, however, is actually in eighth place: XRP (XRP).
The asset has witnessed an approximately 81% increase in whale activity over the past seven days, which, while lower than others, is even more impressive simply due to the fact that the coin has a much more massive market capitalization.
XRP would already have many whales active on the blockchain, so seeing growth of this level again would imply an extraordinary increase in transactions in pure numbers.
In general, a high number of Whale transactions is something that can lead to volatility in the price of an asset. The emerging price action can be in either direction, as the indicator only tracks the number of moves and contains no information on whether the whales are making the moves for buying or selling purposes.
In the case of
Interestingly, the altcoin at the top of the list is not one with a variable price, but rather a stablecoin: Dai on the BNB blockchain. “For stablecoins, increased activity is typically a good sign that large levels of funds are preparing to trade to altcoins common to that stablecoin’s trading pair,” Santiment notes.
XRP Price
At the time of writing, XRP is trading at around $3.2, down 2% over the past 24 hours.