Recent on-chain data indicates an increase in the number of large-scale investors holding XRP, potentially signaling a positive price trend for the cryptocurrency.
XRP Holders With At Least 1 Million Tokens Are Back Near All-Time High
Based on information from the chain analysis company Santiment, there has been a significant increase in the number of XRP wallets holding one million coins or more as per their “Supply Distribution” metric. This metric monitors the total count of wallets belonging to various groups.
Investors are categorized into different groups based on the quantity of XRP they currently hold. For example, the 1-10 XRP group consists of investors holding between 1 and 10 units of XRP.
In our ongoing conversation, those possessing a minimum of one million coins are noteworthy (with the maximum being unlimited). At present rates of exchange, this threshold equates to roughly $544,300 in value. Consequently, these investors represent substantial holders within the community. The term “whales” and larger “sharks” can be applied to describe such individuals.
Here is a simplified version: The following chart illustrates the adjustments in supply distribution for the given address range over the past twelve months.
Over the past few weeks, as shown in the graph above, the number of XRP wallets holding at least 1 million tokens has increased. Currently, there are 2,012 such wallets, which is just one away from the all-time high of 2,013 reached back in June.
Recent increases in the indicator’s value may indicate that large investments are being made in the cryptocurrency. This could potentially be a positive signal for the coin’s market value.
Another perspective reveals the increasing amassing of substantial funds: the collective holdings of major XRP investors, referred to as “whales.” According to a chart posted by analyst Ali in an X post, these investors with holdings between 10 million and 100 million XRP have been making purchases lately.
Based on the graph’s representation, a significant amount of accumulation occurred following the recent significant drop in the cryptocurrency’s price, implying that large-scale investors seized this opportunity to purchase at lower prices.
Over the last seven days, XRP whales have purchased a significant amount – 31 million tokens, equivalent to around $17 million. Following this recent acquisition, the value of XRP has shown signs of improvement. This accumulation could potentially be benefiting these large investors already.
It’s uncertain if this recovery will result in a full-blown rally, considering the aggressive purchasing efforts made by large investors (whales) in recent times.
XRP Price
At the time of writing, XRP is floating around $0.54, up over 11% in the past seven days.
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2024-04-23 20:12