- Whale activity for XRP has increased significantly, with entities holding over $5 million owning 55% of the total supply.
- The indicators of social dominance and liquidation levels suggest a positive outlook for the market.
Ripple [XRP] has been in a consolidation phase since the start of August, with a noticeable symmetrical triangle pattern appearing on the daily price chart.
Recently, cryptocurrency prices have experienced a bullish trend after bouncing off a critical support level at $0.519 in September.
At the time of writing, XRP was attempting to break through a significant symmetrical triangle resistance at $0.58.
Source: Tradingview
Whale Control in XRP Supply
In the past 24 hours, activity among XRP whales has rapidly increased. Data from Santiment indicates that whales holding in excess of $5 million currently control 55% of the overall supply.
Such concentrated holding by a limited number of entities suggests that XRP may experience significant price fluctuations in the near future.
Historically, whale movements have profoundly influenced XRP’s price trends, and their current dominance indicates it could play a crucial role in future market dynamics.
Source: Santiment
Rising Social Dominance
Alongside the surge in whale activity, XRP’s social dominance has risen sharply in recent days. An increase in conversations on social media platforms often signals heightened interest or anticipation of noteworthy market developments.
These spikes in social engagement could also enhance market momentum as more traders and investors start focusing on XRP.
Source: Santiment
According to liquidation heatmap data from Coinglass, XRP shows a clearly bullish sentiment. A total of 559k XRP is concentrated at the price level of $0.5881, reflecting robust buying interest.
Source: Coinglass
Read XRP’s Price Forecast 2024–2025
This optimistic sentiment indicates heightened confidence in Ripple’s potential for a bullish rally, with investors increasingly adopting long positions for anticipated profits.
As XRP’s market metrics continue to improve, the synergy of whale influence, rising social dominance, and positive liquidation trends may propel further price movements in the foreseeable future.
