The cryptocurrency market is witnessing a fresh surge in altcoin momentum, and XRP is leading the charge. According to new data from on-chain analytics platform Santiment, the number of XRP wallets holding at least one million tokens has reached an all-time high, coinciding with a sharp 26 per cent rally in the token’s price over the past week.
Whales Accumulate as Price Climbs
Santiment’s latest report reveals that 2,743 wallets now hold more than one million XRP tokens, the highest number ever recorded. This spike in large wallet holdings aligns with XRP’s rally, which has pushed the asset’s value to around $2.80. Notably, the total supply held by these so-called ‘whales’ has climbed to 47.32 billion XRP tokens.
Santiment shows that 47.32 billion XRP tokens are held by XRP whales. Source: Santiment
The firm described the trend as “a very positive sign” for XRP, which is currently the fourth-largest cryptocurrency by market capitalisation. The dual increase in both whale numbers and their total holdings suggests rising confidence among large investors.
XRP Posts 10% Daily Surge
XRP’s price performance over the past week has turned heads, with a 26 per cent gain and a 10 per cent spike in just the past 24 hours. CoinMarketCap data confirms the token was trading at $2.80 at the time of publication.
The surge also had a significant impact on derivatives markets. Data from CoinGlass shows that short positions worth $31.44 million were liquidated as bearish traders were caught off-guard by the rapid upswing.
From Consolidation to Breakout
Just a few weeks ago, on 18 June, XRP was trading sideways, stuck in a range between $1.90 and $2.90 for nearly 200 days. Traders were uncertain about its next move. However, the recent breakout suggests renewed momentum, fuelled by broader market optimism and increasing institutional interest.
Bitcoin and Ether Set the Stage
XRP’s rally forms part of a larger bullish trend across the crypto market. Bitcoin has continued to smash records, hitting fresh all-time highs on three consecutive days — reaching $112,000 on Wednesday, $116,500 on Thursday, and climbing to $118,780 on Friday.
XRP has spiked 10% over the past 24 hours, trading at $2.80 at the time of publication. Source: CoinMarketCap
Ether also participated in the rally, rising 17.51 per cent during the week and trading at $2,958 at the time of writing.
Altcoin Season Begins, Says Santiment
Santiment believes the data confirms the arrival of a new altcoin season. The firm noted that as long as Bitcoin holds above the psychological support level of $110,000, traders will likely feel confident redistributing profits into alternative digital assets like XRP.
The surge in XRP whale activity, combined with broader market gains and strong investor sentiment, marks a renewed phase of growth for altcoins. If the current momentum continues, XRP and other top digital assets could be poised for further gains in the coming weeks.
