Accounts Holding 100,000 to 1 Billion XRP Hits Year High as Price Decouples from Bitcoin

XRP wallet holders in the 100,000 to 1 billion range have hit the highest level for this year, contributing to an impressive upsurge in price.

Data from the crypto analytics platform Santiment shows that XRP’s valuation has also hit its highest level since August 2nd. The cryptocurrency’s price is currently worth $0.6767 after soaring 8.87% overnight.

🥳 #XRPLedger is at it again, reaching a market value north of $0.68 for the first time since August 2nd. The 3-month high happened as $XRP moved up +23% against $BTC in just the past week. Wallets with 100K-1B $XRP now hold their highest level in 2023. https://t.co/v5wlgIQAhh pic.twitter.com/hvZbZ8S1UG

— Santiment (@santimentfeed) November 6, 2023

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XRP Dissociating from Bitcoin

For the past three months, XRP’s growth seems decoupled compared to that of Bitcoin (BTC). Data from Santiment proves this, as XRP has jumped by 23% against Bitcoin over the past week. 

The uptick in XRP appears encompassing, seeing its market capitalization is up 8.6% to $36,347,034,900 atop a trading volume up 157.66% overnight to $2,473,070,163.

Santiment shared some key elements of XRP’s ecosystem highlights, including the whale outlook and social dominance. The chart showed that XRP wallets holding 100,000 to 1,000,000,000 tokens now hold 45.8% of the total supply, a record high for the year.

This record is awe-inspiring, seeing the erratic growth in this class of XRP holders from August 12 to date. XRP whales were at an impressively high level from mid-August to around September 21, when the percentage of the total supply they held dramatically plunged. This whale account per total supply remained consistent until October 23 but welcomed intermittent spikes.

The rally recorded underscores the relentless nature of XRP whales amid positive legal clarity now associated with the coin in the US. To complement this whale outlook, XRP’s social dominance has also been at the highest rate since mid-July.

XRP Social Presence

As the price of XRP increases, the Santiment chart shows that XRP discussion on social media has witnessed the most significant spike since mid-July.

Notably, the XRP sentiment is growing because of the legal victories bagged by Ripple Labs against the US SEC from August to October. Beyond this, the outlook of the XRPL also presents immense opportunities that whales are banking on.

Many innovations are making their way to the XRP Ledger and though marked by controversy, the emergence of its sidechain, Xahau, has proven that beyond all odds, the XRPL protocol can compete with its Layer-1 peers with a positive upside for XRP in the long-term. Now that XRP has crossed the $0.65 mark, we cannot rule out the potential to hit the $1.10 to $1.40 price range in the long term.