Bitrabo Editorial
Recent on-chain data suggests that XRP whales have been actively acquiring more tokens, a development that may indicate a positive trend for the cryptocurrency’s market value.
Recent Growth in XRP Whale Holdings
According to analyst Ali Martinez in a new post on X, there has been a notable increase in the holdings of XRP whales over the past ten days. This is illustrated through the “Supply Distribution” metric from the analytics firm Santiment, which details the quantity of XRP held by different wallet groups.
Wallets are categorized based on the quantity of XRP they hold. For instance, a group consisting of 1 to 10 coins involves all holders possessing between 1 and 10 XRP.
The whale group, specifically, includes those holding between 10 million and 100 million XRP. At the current market price, that translates to a minimum of $5.8 million and a maximum of $58 million.
Typically, as the amount of cryptocurrency held by an entity increases, so does their influence in the market. Therefore, these substantial investors, despite their individual trades potentially lacking market impact, can collectively influence the market significantly. Observing this group can provide insight into the prevailing sentiment among these large investors.
Below is the chart shared by the analyst, highlighting the XRP Supply Distribution trend among whales in recent months.
The chart indicates a significant increase in holdings among XRP whales, who have accumulated a net total of 380 million XRP (approximately $223 million) in the past ten days.
This most recent wave of purchases occurred while XRP was trading around $0.53, implying that these investors viewed it as an attractive buying opportunity.
Following this accumulation, XRP experienced a notable 10% price rebound. The chart also suggests that previous whale buying activity in early August contributed to a similar price increase.
With whales continuing to acquire additional tokens, there’s potential for the cryptocurrency to maintain its upward trajectory in the near term.
However, a decline in whale Supply Distribution may signal caution, as it could indicate that these large holders are beginning to sell, possibly leading to downward pressure on XRP’s price.
XRP Current Price
As of now, XRP is trading at approximately $0.587, reflecting an almost 4% increase over the past week.