The number of crypto wallets holding at least 1 million XRP tokens has reached an all-time high, coinciding with a 26% surge in XRP’s price over the past week.

“Not only are there more XRP whales than ever, but the total supply they hold is also increasing,” onchain analytics platform Santiment said in a report on Friday, noting that the number of wallets holding over 1 million XRP (XRP) tokens has surged to a new all-time high of 2,743.

47.32 billion XRP tokens are now held by whales

“XRP is also showing signs of strength,” Santiment said. “This dual trend is a very positive sign for the fourth-largest crypto asset,” they added.

Santiment data shows that 47.32 billion XRP tokens are held by crypto wallets holding at least 1 million tokens.

XRP has surged 26% over the past seven days, trading at $2.80 at the time of publication, according to CoinMarketCap data.

Over the past 24 hours alone, it has spiked 10%. Meanwhile, CoinGlass data shows the surge wiped $31.44 million in XRP short positions.

Just last month, on June 18, traders were divided on XRP’s next direction as the cryptocurrency had been consolidating for nearly 200 days within a range of $1.90 to $2.90.

Altcoin season has started, says Santiment

However, XRP’s recent rally is part of a broader market breakout that saw Bitcoin (BTC) reach consecutive all-time highs of $112,000 on Wednesday and $116,500 on Thursday. 

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Ether (ETH) also surged, up 17.51% across the week, trading at $2,958 at the time of publication.

Santiment said that the metrics show altcoin season has begun. “The data confirms that, for now, it has,” Santiment said.

“As long as Bitcoin can maintain its position above the crucial psychological support level of around $110k, traders will likely feel comfortable redistributing profits into altcoins,” they added.

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