Crypto Analytics Firm Says XRP Whales Are in Massive Accumulation Mode As the Top Altcoin Outperforms Bitcoin
XRP is outperforming Bitcoin (BTC) as the upward trajectory of the sixth-largest crypto asset continues, according to crypto analytics firm Santiment.
The analytics firm says that the XRP/BTC pair has hit a price last reached in September of 2021 as crypto sharks and whales accumulate XRP.
Santiment says that the surge in the price of XRP is driven by hopes of a potential settlement in the lawsuit the U.S. Securities and Exchange Commission (SEC) lodged against Ripple in December 2020.
“The price ratio of XRP/BTC has hit a one-year high of 0.000025 BTC [$0.48] on the continued optimism of a potential settlement of Ripple with the SEC. Active shark and whale addresses holding one million to ten million XRP have been in an accumulation pattern since late 2020.”
XRP is trading at $0.51 at time of writing, up 20% over the past 24 hours and up by 55% over the last seven days.
Turning to the wider crypto market, Santiment says that large holders of the Tether (USDT) stablecoin are adding to their digital asset holdings following the downturn earlier this year.
“As crypto remains volatile as equities brace for further rate hikes, buying power is picking up gradually among large USDT addresses. $100,000 to $10 million valued addresses have added 4.03% more to their bags in the past seven weeks, 1.12% of the total supply.”
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