2024-10-1 04:00 |
On-chain data shows the XRP whales have participated in a significant amount of buying recently, a potential reason behind the asset’s surge.
XRP Whales Have Added 470 Million Tokens To Their Supply RecentlyAs explained by analyst Ali Martinez in a new post on X, the XRP whales have expanded their holdings over the last 10 days. The indicator of relevance here is the “Supply Distribution” from the on-chain analytics firm Santiment, which keeps track of the total amount of tokens that a given wallet group is carrying right now.
Addresses or investors are put into these groups based on their current balance. Wallets with 5 coins, for instance, fall inside the 1 to 10 coins group. In the context of the current topic, the whale entities are the addresses of interest.
This group’s range is typically defined as 100 million to 1 billion XRP. At the current exchange rate, the lower end of this range converts to around $63.1 million, while the upper one to $631 million. Generally, the influence of any entity on the network goes up the more holdings that they carry, so the whales, who have quite the humongous balance, would carry some degree of power.
As such, the behavior of these investors can be worth keeping an eye on, because even if it may not directly impact the price, it can at least tell us what the sentiment among this cohort is like.
Now, here is a chart that shows the trend in the Supply Distribution of the XRP whales over the past several days:
As displayed in the above graph, the supply of the XRP whales has registered a notable increase recently. More specifically, these humongous investors have added more than 470 million (almost $300 million) tokens to their wallets during the last ten days or so.
From the chart, it’s visible that the bulk of this buying had come while the asset had still been trading around the $0.58 mark, suggesting that the whales believed the level to be offering a profitable window into the coin.
The bet of these investors has clearly paid off, as the cryptocurrency’s price has increased from below the $0.59 mark to above the $0.63 level over the past weekend.
While things have been going well for the coin so far, the indicator could be to keep an eye on in the near future, as what this cohort would do next can end up reflecting in the asset’s price once again.
Naturally, if the indicator continues to go up, it will be a bullish sign for XRP since it would imply the whales are supportive of a further surge. On the other hand, a decline could be bad news, as it would mean the whales are participating in profit-taking.
XRP PriceAt the time of writing, XRP is trading around $0.631, up 8% over the past week.
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