XRP shark and whale wallets have been on the rise in recent weeks as XRP maintains a strong performance against Bitcoin despite the latest market struggles.
This is according to an assessment from market intelligence firm Santiment. The platform’s recent analysis of the condition of the XRP Ledger (XRPL) ecosystem comes on the back of an impressive rebound secured by XRP yesterday.
XRP up 284% Against Bitcoin Despite Current Downturn
For context, after three consecutive days of persistent losses from Feb. 16 to 18, XRP recorded a recovery push yesterday, spiking by a massive 6.92% to reclaim the $2.7 price level. This marked XRP’s most bullish daily performance this week.
According to Santiment, this uptick triggered a positive 9% gain for XRP on the weekly timeframe, making it one of the few crypto assets to witness a positive performance over the past week. The market intelligence platform then evaluated XRP’s performance against Bitcoin (BTC) over the past few weeks.
🐳 Despite flat crypto market conditions, XRP Ledger’s market cap is +6% on the day and in the minority as a positive gainer over the past week (+9%). Since November 11, 2024, $XRP’s price vs. $BTC is +297%.
There are 261 more 100K+ XRP wallets than 10 weeks ago, a strong sign… pic.twitter.com/5O37A7En7g
— Santiment (@santimentfeed) February 19, 2025
For context, with XRP’s 6.9% gain yesterday, Bitcoin only managed to increase by 1.08%. This trend, which sees XRP outperforming Bitcoin only daily timeframes, has been persistent for some time now. Santiment stressed that, with the latest uptick, XRP has now gained 297% against Bitcoin since Nov. 11, 2024.
Notably, recent data confirms that while this rate has since decreased, XRP has still outperformed BTC by a mile since the U.S. presidential election. Particularly, the XRPBTC pair changed hands at 0.00000732 on Nov. 11, 2024. Currently, the pair stands at 0.00002809, indicating an increase of 284.56% in the past three months.
XRP Performance Against Bitcoin
Rise in XRP Shark and Whale Wallets Signal Confidence
Meanwhile, besides the strong performance XRP has had against Bitcoin and the broader crypto market, the XRPL ecosystem is also witnessing other bullish metrics despite the prevalent market turbulence.
Santiment also confirmed that shark and whale XRP wallets holding 100,000 XRP tokens and more have been on the rise since early-December 2024. Within this timeframe, these wallets have increased from 32,958 to 33,219, representing an addition of 261 more wallets in this category.
According to Santiment, this shows that major stakeholders remain confident in XRP’s potential despite the recent pullback. Notably, this confidence has spread across the ecosystem, as The Crypto Basic reported last month that the XRPL welcomed about 511,430 non-empty wallets over a two-month period.
Several catalysts have contributed to this growing optimism among investors, ranging from price projections and bullish developments. For one, the U.S. SEC recently acknowledged filings for XRP ETF products from Grayscale, 21Shares and Bitwise. This has bolstered speculation around an imminent approval.
In addition, yesterday, Brazil welcomed the world’s first XRP ETF. Meanwhile, discussions around XRP securing a place in the proposed U.S. strategic crypto reserve have emerged. Amid these confidence-building developments, XRP has defended the $2 psychological mark. The asset currently trades for $2.7035 at press time.
