XRP is once again in the spotlight due to significant accumulation of tokens by major holders known as whales. This phenomenon could signify a new chapter for the asset.
Record-Breaking Whale Accumulation
According to data from crypto intelligence platform Coin Bureau, over 2,700 wallets now hold at least one million XRP each. This marks the first time in the asset's 12-year history that such a milestone has been reached, indicating renewed confidence in its long-term potential.
Increased Activity on XRP Ledger
Alongside the rise in whale holdings, the XRP Ledger is experiencing a significant uptick in on-chain activity. Daily active addresses have surged from around 35,000 to nearly 295,000, suggesting increased user engagement and network utility.
Market Sentiment Shift
The surge in both whale accumulation and network usage comes at a critical juncture for XRP, considering ongoing legal proceedings with the U.S. Securities and Exchange Commission. Despite this, many investors are optimistic about a favorable resolution.
With record whale accumulation and growing activity on the XRP Ledger, XRP may be at a turning point for market dynamics. If current trends persist, it may lead to rising interest from investors and increased adoption in real-world applications.
