The cryptocurrency market recently witnessed a significant surge in the price of XRP, which jumped over 36% in just a few days. Analysts have delved into the reasons behind this impressive price movement, with on-chain data providing some insights.

Whale Accumulation Drives XRP Surge

According to a recent report by Santiment, a popular on-chain data aggregator, the primary factor behind XRP’s price spike is the accumulation by large cryptocurrency whales. These whales, holding between 10 million and 100 million XRP, have collectively purchased around $300 million worth of XRP between July 12 and 15. This substantial buying activity has had a positive impact on XRP’s market price.

Santiment also highlighted the rising levels of FOMO (fear of missing out) among traders and investors. As excitement and anticipation grow within the cryptocurrency community, many are eager to jump on the XRP bandwagon. While this euphoria can drive prices up, it also introduces higher risks, making it essential for traders to conduct thorough research before making investment decisions.

Recent Price Performance

XRP’s price has shown notable performance, attempting twice in one week to break above the $0.56610 resistance level. Despite these attempts, XRP pulled back after failing to sustain the breakout. However, the overall upward trend remains strong, fueled by whale activity and investor sentiment.

The recent 36% price jump of XRP can largely be attributed to the significant accumulation by large cryptocurrency whales and heightened FOMO among traders. While these factors have driven prices up, they also introduce potential volatility and risk. Investors are advised to stay informed and cautious, conducting their own research before making any investment moves.