As an experienced financial analyst who has closely monitored the cryptocurrency market for years, I find the recent trend among XRP mega holders to be quite intriguing. The on-chain data revealing the accumulation of large XRP holders, or “whales” and “sharks,” is a significant development that could have substantial implications for the price of XRP moving forward.
Data recorded on the XRP blockchain highlights a noteworthy pattern among the wealthy XRP investors, defined as those controlling over 100,000 XRP coins.
Large investors, referred to as “whales” and “sharks,” have stealthily accumulated more assets during XRP‘s price consolidation period prior to its recent surge.
Large-scale XRP investors, holding a minimum of 100,000 XRP tokens, have been gradually amassing more coins since last summer, according to data from Santiment, an on-chain analytics firm. Notably, there has been a significant shift in this accumulation trend since August, with the number of these substantial holdings on the rise.
After the significant court decision in the Ripple-SEC lawsuit last July 2023, which classified XRP as a non-security, the value of XRP surged up to $0.95. However, its price subsequently settled down during the subsequent weeks.
In the coming August, XRP experienced a significant drop in value, reaching a low of $0.44. Despite this downturn, large investors (referred to as “whales”) saw this as an ideal moment to begin amassing large quantities of XRP over an extended period, lasting for several months, based on Santiment’s analysis.
As a researcher studying the trends in XRP holdings among major investors, I’ve noticed that this group has once again increased their holdings to a new record high.
XRP large holders hit new high with 51.59 billion XRP
As an analyst, I’d like to share some insights based on data from Santiment. Currently, there are XRP wallets containing over 100,000 tokens, collectively holding approximately 51.59 billion XRP. This number signifies a new record high and represents around 85% of the entire XRP supply.
In recent trading sessions, the price of XRP continued to climb, reaching a peak of $0.62. This upward trend was fueled by optimistic market sentiment surrounding XRP. Notably, XRP displayed a “golden cross” pattern on its four-hour charts, which is considered a bullish indicator and supports the current price uptick.
Currently, XRP had recovered some of its hourly losses but was still showing a 4.7% increase over the past 24 hours, reaching a value of $0.61.
After experiencing a significant increase of more than 40% over the past week, XRP‘s market worth now stands at $33.99 billion, regaining the sixth position in the cryptocurrency rankings.
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2024-07-17 19:24