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Data from XRP network activity has excited the community as it witnesses an explosion of large transactions. According to Ali Martinez, an on-chain analyst on X, there has been a surge in transactions worth over $1 million on the network.

XRP whale activity signals confidence

Notably, these transactions hitting $1 million belong to large holders or whales. That is, market participants with a large volume of XRP tokens. This is a significant indicator of the activities occurring in the XRP ecosystem. It suggests that users of the XRP network are transferring substantial value.

Martinez highlighted that within 24 hours, Santiment had spotted 341 transactions worth over $1 million. This increase in usage could signal growing confidence in the XRP network, especially for these whales.

As of this writing, XRP's price changed hands at $2.83, a 9.14% increase in the last 24 hours. The trading volume has also registered an uptick of 38.22% to $13.52 billion.

With this current market price, putting the network transaction in perspective shows that a massive amount of XRP has passed through the network.

Each of the $1 million transactions involves approximately 353,356 XRP. Thus, the cumulative volume of the 341 transactions alone is at least 120.4 million XRP within 24 hours.

Outlook for XRP

This massive volume is in addition to those carried out by retail investors featuring purchases less than $1 million in the time frame under review.

XRP has been riding the bullish sentiment and attained a one-month high amid speculations of an XRP exchange-traded fund. This has pushed the price toward the $3 resistance level as the token trades between a low of $2.55 and a high of $2.89.

Investors are keenly watching if this bullish sentiment and other market dynamics could support XRP in climbing past key resistance levels and flipping its all-time high (ATH) of $3.84. XRP hit this ATH figure in January 2018.