As XRP Ledger’s on-chain activity skyrockets, whales and sharks are leading the charge.
Calling out this development, renowned on-chain metrics provider Santiment acknowledged, “XRP Ledger activity is surging. Interacting addresses have averaged over 295K daily this past week — far above the 35–40K 3-month average. Whale and shark wallets (1M+ XRP) have hit a record high, surpassing 2,700 for the first time in XRP’s 12+ year history.”
Since the number of wallets belonging to large holders has surpassed the 2,700 mark, this sharp increase signals strong XRPL confidence from high-net-worth individuals.
This can be attributed to the fact that the XRP Ledger has become highly sought after, thanks to its prowess in tokenizing real-world assets.
XRPL recently added decentralized finance (DeFi) functionality to its ecosystem by integrating automated market makers (AMMs).
The XRP Ledger is also making a major milestone, having burned close to 14 million XRP tokens.
Will Higher Lows Ignite XRP’s Fire?
Since XRP is forming higher lows above a short-term descending trendline, the fourth-largest cryptocurrency is eyeing a breakout to the $2.42 to $2.45 zone.
For this to see the light of day, XRP will need to hold critical support at $2.15.
At the time of this writing, XRP was hovering around the $2.11 zone, showing that a wait-and-see approach is currently taking center stage.
Higher lows are essential because they illustrate renewed buying interest. Buyers usually step in earlier than before, making higher lows an ideal indicator of upward momentum once coupled with higher highs.
Meanwhile, with the number of daily active XRP addresses recently crossing the 100,000 mark, this altcoin is experiencing heightened network usage.
Therefore, these bullish on-chain metrics might play an instrumental role in igniting XRP’s fire.
