Emily Walker
The price of XRP has recently surged due to strong buying activity from large investors, often referred to as whales, as indicated by blockchain data.
Recent Whale Activity in XRP
Data from Santiment, an on-chain analytics company, reveals that large XRP holders have been actively purchasing the cryptocurrency. The relevant metric here is “Supply Distribution,” which highlights how many coins certain wallet groups own.
These groups are defined by the number of coins in their possession. For example, one group includes those with 1 to 10 XRP tokens.
Of particular interest is the group holding between 1 million and 10 million coins, translating to values ranging from approximately $2.39 million to $23.9 million.
This means that only substantial investors are part of this group, which represents a portion of the overall whale category, specifically the smaller segment.
Despite being a subset, the behavior of these investors is crucial to the market, making it valuable to monitor their Supply Distribution trends.
The following chart from Santiment illustrates changes in this indicator for these whale investors over recent months.
The chart indicates a notable increase in XRP’s Supply Distribution among whales, suggesting significant accumulation by these investors.
Specifically, this group has acquired 679.1 million XRP in the past three weeks, worth about $1.65 billion at the current pricing.
This aggressive purchasing activity is a key reason for the bullish trend in XRP’s price, and with the ongoing rise in Supply Distribution among whales, further price increases may be anticipated.
Santiment also tracked the “Total Amount of Holders,” which shows the number of XRP addresses holding a non-zero balance.
During the same period of whale buying, the number of holders rose by 119,820, indicating a surge of retail investors entering the market as well.
As a result of this increase, XRP non-empty addresses have exceeded 5.5 million for the first time in its history.
Current XRP Price Overview
XRP’s impressive rise of around 69% has positioned it as the leading cryptocurrency in terms of performance within the digital asset space.