The XRP market is experiencing renewed momentum, with the number of XRP whales reaching an all-time high and the token posting significant price gains. According to data from on-chain analytics firm Santiment, XRP has rallied 26% over the past week, trading at $2.80 at the time of publication.

Whale Wallets Surge to New Record

Santiment reported a sharp rise in the number of crypto wallets holding at least 1 million XRP tokens. The figure has reached a record 2,743, reflecting growing interest from large-scale investors. In total, 47.32 billion XRP tokens are now held by these whale wallets.

“Not only are there more XRP whales than ever, but the total supply they hold is also increasing,” Santiment noted, calling the development “a very positive sign” for the fourth-largest crypto asset by market capitalisation.

Short Sellers Suffer Losses as Price Spikes

XRP’s rally has not only attracted large holders but also shaken up the futures market. Over the past 24 hours alone, the cryptocurrency spiked 10%, triggering liquidations of $31.44 million in XRP short positions, according to CoinGlass data.

The latest uptrend follows a long consolidation phase. As recently as mid-June, XRP had been trading within a narrow band of $1.90 to $2.90 for nearly 200 days. The breakout has now decisively pushed the token above the key $2.80 level.

XRP Rally Signals Wider Altcoin Breakout

XRP’s surge comes as part of a broader altcoin rally. Bitcoin has been setting fresh all-time highs, reaching $118,780 on Friday after hitting $112,000 on Wednesday and $116,500 on Thursday. Meanwhile, Ether has also gained 17.5% in the past week, trading near $2,958.

Santiment suggested the ongoing market conditions point toward the beginning of an “altcoin season.” The analytics platform said that the bullish trend in large-cap altcoins is likely to continue if Bitcoin holds above the psychological support level of $110,000. In such a scenario, traders may feel confident in shifting profits from Bitcoin to alternative assets like XRP.

Ripple-Related News Amid Bullish Momentum

The rally also comes at a time when Ripple, the company closely associated with XRP, remains in the news. One of its major shareholders, Linqto, has filed for Chapter 11 bankruptcy, although the news has not dampened investor sentiment around XRP so far.

Despite legal and regulatory uncertainties in the past, XRP’s latest performance suggests renewed confidence from investors. The surge in whale activity, combined with favourable market dynamics, indicates strong support for continued growth in the near term.