XRP experienced a dramatic price surge, jumping from below $1.15 to above $1.50 within 18 hours on February 7. This sharp recovery coincided with a four-month high in large whale transactions and a record single-day increase in new XRP Ledger addresses, signaling significant accumulation. Despite the bounce, the asset remains in a longer-term downtrend that began at last year’s peak.
XRP surged on February 7 as whale accumulation and a record increase in addresses on the XRP Ledger fueled market momentum. The token experienced a dramatic recovery, jumping from below $1.15 to above $1.50 in just 18 hours according to data from Santiment.
This rapid jump followed a wave of panic selling by some investors. During the correction, 1,389 individual whale transactions of $100,000 or more were observed, marking the highest level in four months.
Concurrently, the number of distinct addresses on the ledger saw a massive jump to 78,727 in a single 8-hour window. This represented the largest address increase in six months, demonstrating strong buying interest.
Currently trading around $1.40, XRP has fallen 2.27% in the last 24 hours. Technical analysis suggests the asset could still test the $1 level if its established downtrend continues.
That downtrend began at the peak of last year and has formed lower lows over time. “While hitting such a level does not necessarily mean that the market has bottomed out, it is a reminder that network activity and relative value are important considerations,” the data noted.
The high levels of whale accumulation and growing user addresses offer cautious optimism for investors. These on-chain signals could provide early warnings of a potential price reversal during a challenging market cycle.
