XRP breaks the $1.60 price level on September 22 for the first time since February 4, coinciding with on-chain analytics firm Santiment recording the highest number of large transfers (valued at $100K or more) in nearly a month, reaching 1,917 transactions. The firm also spotted the creation of 3,647 new wallets on the XRP Ledger network during this rally.
Increased activity does not necessarily mean whales are heading in the same direction
The synchronization between the price increase, the rise in large transfers, and the creation of new wallets suggests increased network activity, but it does not specify whether these transfers represent purchases or sales or merely the movement of funds between wallets owned by the entity itself. Also, creating a new wallet may stem from multiple reasons, including a new user, an activity on a trading platform, or the separation of funds by a current holder.
Context of the previous surge
This hack came as a continuation of a rally that began on September 21, when XRP jumped by 8.7% to reach around $1.54, after the trader Peter Brandt shared a chart indicating a possible long-term rise toward $5.40 (which is just a technical interpretation and not a price that was actually traded). The South Korean exchange Upbit also saw exceptional activity, as XRP trading volume there reached about $350 million on September 21, surpassing the trading volume of Bitcoin, which was about $225.8 million on the same platform.
RLUSD balances and ETF fund requests
Santiment also indicated that the balances of tokenized assets and the RLUSD stablecoin on the XRP Ledger network reached about $4.26 billion. Meanwhile, Ripple announced the trading of a total of $2,395.6 million worth of RLUSD up to September 3, of which about $1.05 billion was on the XRP Ledger network versus $1.37 billion on Ethereum. Bitwise also filed a subsequent amendment to its registration for an XRP exchange-traded fund with the U.S. Securities and Exchange Commission (SEC) on September 18.
U.S. spot XRP funds recorded net inflows of $9.56 million during the week ending on September 18, extending a streak of positive weekly flows to 10 consecutive weeks. Total cumulative inflows reached approximately $1.71 billion, after nearly hitting a record $1.72 billion on September 16.@Binance Square Official