The XRP market has been experiencing a remarkable upswing lately, largely driven by hefty buying activity from large investors. Recent data reveals an intriguing trend involving these so-called “whales” who have been actively expanding their holdings.
In recent weeks, whale investors have significantly increased their XRP purchases. The key measurement for this analysis is the “Supply Distribution” metric, which reflects how much of a given cryptocurrency is owned by specific groups of wallets.
Wallets are categorized based on the number of coins they hold. To illustrate, those possessing between 1 to 10 coins are grouped together. Currently, we’re focused on a particular tier – those holding between 1 million and 10 million XRP. At present values, this range is roughly equivalent to $2.39 million to $23.9 million.
Naturally, only substantial investors can fit into this category, even though this range touches only the smaller end of the whale scale. Nevertheless, these investors have a significant impact on the market, making their moves worth monitoring. Examining changes in their Supply Distribution can provide valuable insights.
Santiment, a reputable analytics service, has shared data illustrating the trend in whale holdings over recent months. Their report comes with a visual representation that displays the consistent gains in this group’s holdings.
Recently, the metric has been on an upward trajectory, indicating that whales have been actively accumulating XRP. To be precise, they’ve increased their stakes by an impressive 679.1 million tokens in just three weeks. This purchase translates to around $1.65 billion based on current rates.
Such robust buying likely contributes to XRP’s recent bullish price movement. With the rising trend in whale accumulation showing no signs of slowing, this momentum may continue to bolster the price.
Moreover, the report also includes figures for another significant metric: the Total Amount of Holders. This tracks the number of XRP wallets holding a positive balance. During the same period of whale activity, this number rose by 119,820, showing that retail investors are also entering the market in droves.
This increase has pushed the total non-zero XRP addresses past 5.5 million for the first time in its history, marking a milestone for the cryptocurrency.
From a price perspective, XRP has witnessed a phenomenal surge of approximately 69%, making it the standout performer across the digital asset landscape.
This uptrend is clearly visible in the market charts, confirming that XRP’s price is indeed on a promising rise.
[The information presented is accompanied by supporting images sourced from Santiment.net, Dall-E for featured imagery, and TradingView.com for price charts.]
