XRP Whales Roar Back to Life as Price Struggles Below $1.00

Despite Bitcoin's recent recovery to above $64,000, XRP has failed to follow suit and continues to hover below its crucial psychological support level of $1.00. However, this hasn't deterred large investors, as fresh on-chain data shows a significant surge in whale activity on the XRP Ledger.

Ali Martinez's analysis revealed that the number of XRP transactions worth over $1 million has skyrocketed by 280% to nearly 40 over the past day. This is a notable increase from the previous two days, when such transactions numbered around 10.

This sudden spike in activity comes on the heels of another significant whale development earlier this week, where addresses holding between 10 million and 100 million XRP accumulated approximately 72 million tokens in a single day. This was worth roughly $72 million at the time.

The network activity has picked up pace lately, with nearly 50,000 active addresses recorded on the XRP Ledger last week, a multi-month peak. Meanwhile, social sentiment surrounding the native token has deteriorated to a three-month low.