• Whale transactions leaped to a 3-month high.
• The rate at which new participants were entering the network jumped sharply. 

Ripple [XRP] made steady advances in the last 24 hours, increasing its worth by 3.16% to $0.59 at press time, data from CoinMarketCap showed.

Is your portfolio green? Check out the XRP Profit Calculator

XRP on the move

During the surge, XRP hit the psychologically important level of $0.6 for the first time since the market crash in mid-August. A shift in market structure was underway as the payment-focused crypto rose more than 25% in the last 12 days.

While still far-off, the surge spurred hopes of reclaiming the highs seen shortly after the partial legal victory against the U.S. Securities and Exchange Commission (SEC).

The move towards $0.6 also saw increased participation of XRP whales. According to on-chain analytics firm Santiment, whale transactions worth more than $1 million leaped to a 3-month high on the last day of October.

Whales show affinity for XRP

The transactions were fueled by strong buying pressure. The number of wallets holding at least 10,000 coins surged to an all-time high of 277.62k as of this writing.

Typically, aggressive whale accumulation is a strong indicator of a long-term bullish trend. As they own a large chunk of a crypto’s circulating supply, their actions are keenly analyzed and emulated by the less-experienced retail traders.

On-chain data seemed to confirm this expectation. As XRP prices surged, the rate at which new participants were entering

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Author: Aniket Verma

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