XRP climbed above $1.60 on Tuesday for the first time since early February, aside from a brief uptick in August. Blockchain analytics firm Santiment recorded a jump in large transactions and thousands of new addresses alongside the move, though it says the whale activity alone doesn't show whether holders were buying or selling.
XRP pushed above $1.60 on Tuesday, a level last touched in early February outside a brief run in August. Santiment tracked a rise in large transfers and new wallet creation as the price moved.
The firm recorded 1,917 XRP transactions worth at least $100,000, the highest level of such activity in roughly a month. That points to increased activity among larger holders, but Santiment noted the transfers don't reveal whether whales were buying or selling.
XRP Network Activity Picks Up
The network also added 3,647 new XRP addresses during the tracked period. The increase suggests participation extended beyond existing users, though new addresses don't necessarily represent new investors or independent individuals.
Santiment's data, covering mid-April to late September, showed both whale activity and network growth rising as XRP moved above $1.60. At its latest snapshot, XRP traded near $1.60, with 2,479 new addresses and 1,281 whale transactions recorded.
Beyond wallet and whale activity, the XRP Ledger has continued to expand across tokenized assets and stablecoins. Tokenized assets and RLUSD balances on the network recently reached about $4.26 billion. Ripple has reported roughly $2.4 billion of RLUSD in circulation.
Interest in XRP has also extended into investment products. Bitwise filed an updated registration for an XRP exchange-traded fund with the U.S. Securities and Exchange Commission on September 18. The filing adds to a market that already includes several XRP exchange-traded products.
Whale Activity Gets Mixed Readings
The whale data has drawn different interpretations from market observers. One view holds that 1,917 large transactions remain relatively small compared with XRP's market capitalization of about $99 billion. Others see the rise in new addresses as a broader sign of network participation.
Source: CryptoPotato
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