Even though April has been a particularly unpredictable month, cryptocurrency whales have continued to acquire significant sums. Large BTC addresses have increased their holdings by nearly 100,000 coins in the last few weeks, according to on-chain reports. Ethereum (ETH) and Ripple (XRP) are both experiencing similar trends.
XRP whales turn huge accumulators
Whales of XRP had completely changed their minds about the token. Whales dumped substantial portions of their assets after the SEC accused the payment processor of conducting an unregistered security sale.
Their enthusiasm has returned now that Ripple has won a few victories in its continuing legal battle with the Securities and Exchange Commission. Since April 23rd, according to Santiment’s info,the number of addresses holding more than 1,000,000 XRP shot up by 1.25%. Roughly 19 new whales have joined the network in such a short period.
With that backdrop, the “Crypto Fear and Greed Index,” a collective metric that measures current feelings on the cryptocurrency market, swung for the first time in more than a year from “Extreme Greed” (79 points) to “Fear” (27) for the first time.
It saw a significant drop in XRP-related social opinion, hitting its lowest point since March. It has, however, seen an increase in the last few days. This may indicate a price increase in the coming weeks: When social awareness is poor, prices appear to rise, according to historical evidence.
At first glance, the recent rise in the number of major investors backing XRP may seem insignificant. However, given that these whales own over $1.4 billion of this altcoin, the sudden surge in upward momentum could result in a market cap rise worth billions of dollars.
As for XRP, the price has remained unchanged. XRP is currently trading at $1.41, which is within the same range as the previous few sessions. Its market cap has risen to more than $62 billion, making it the fourth-largest cryptocurrency after Bitcoin, Ethereum, and Binance Coin.