XRP Bullish Signal: Shark & Whale Population Sharply Growing
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On-chain analytics reveal that the number of XRP sharks and whales has risen sharply, indicating a bullish trend for the cryptocurrency. According to Santiment, the Supply Distribution indicator highlights a notable jump over the past five weeks, adding 2,390 addresses holding 10,000 or more XRP coins.
These large holders, or shark and whale wallets, play a critical role in market dynamics due to their substantial holdings. Currently, there are 279,400 such addresses, marking the highest count in six months. Earlier in the year, this number was declining, coinciding with bearish momentum in XRP's price.
However, the trend has reversed since April. The increase in large holders has been accompanied by a 5% rally in XRP's price within the past 24 hours, pushing it to $0.65. The correlation between these large addresses and XRP's market value suggests that continuous monitoring of this indicator could predict bullish outcomes for the asset.
Investors and market watchers are advised to keep an eye on this trend as further accumulation by sharks and whales might lead to sustained bullish momentum, potentially influencing XRP's market performance positively.
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