The number of crypto wallets holding at least 1 million XRP tokens has reached a record high amid a significant price increase for the cryptocurrency.
Record Number of Wallets with 1 Million XRP
According to the analytics platform Santiment, the number of wallets holding over 1 million XRP has surged to a new all-time high of 2,743. This indicates an increase in both the number of wallets and the total supply they hold. "Not only are there more XRP whales than ever, but the total supply they hold is also increasing," analysts stated.
Price Surge of XRP
Over the past week, XRP's price has risen by 26%, reaching $2.80 at the time of publication. In the last 24 hours alone, the cryptocurrency spiked by 10%. This surge resulted in the liquidation of $31.44 million in short positions, according to CoinGlass data.
Start of Altcoin Season
XRP's rally is part of a broader market trend marked by Bitcoin reaching all-time highs of $112,000 and $116,500 over the week. Santiment indicated that current metrics confirm the altcoin season has begun, reinforcing traders' interest in reallocating profits into smaller cryptocurrencies while Bitcoin maintains its position above the critical psychological support level of $110,000.
The overall situation in the cryptocurrency market indicates positive changes for both XRP and other altcoins, which may signal the start of a new wave of growth among smaller cryptocurrencies.
