The XRP market is showing positive dynamics amid new data on large holders. The increase in the number of major wallets suggests growing interest from investors.
Increase in Large XRP Holders
According to data from the analytics platform Santiment, the number of wallets holding at least 1 million XRP has reached a new record of 2,743. This significant milestone indicates rising confidence among large investors.
Market Impact and Short Position Liquidation
The recent surge in demand from large holders coincides with a 26% price increase for XRP over the week. CoinGlass data reveals that more than $31.44 million in short positions was liquidated in just one day, fueling further price growth as sellers were forced to cover their bets.
Overall Situation in the Altcoin Market
XRP is not alone in this market. Santiment reports that the altcoin season is confirmed by metrics if Bitcoin can hold above the key support level of $110,000. Last week saw new all-time highs for Bitcoin, which reached $116,500, as Ethereum surged over 17%.
The current state of the XRP market and the growth of large holders may indicate potential future price increases if the overall market remains optimistic.
