2023-8-21 16:00 |
On-chain data shows the XRP whales have been sharply accumulating recently, something that can help the price recover.
XRP Whales Have Continued To Expand Their Holdings RecentlyAccording to data from the on-chain analytics firm Santiment, the largest of the XRP investors have been buying in recent days. The relevant indicator here is the “Supply Distribution,” which tells us about the total amount of the asset that each holder group in the market is carrying in their combined wallets right now.
The addresses or investors are divided into these groups based on the total number of coins that they are currently holding. The 10-100 coins cohort, for instance, includes all holders who own at least 10 and at most 100 XRP.
In the context of the current discussion, two such groups are of interest: 10 million to 100 million coins and 100 million to 1 billion coins. The combined range of these groups has a lower bound of $5.22 million at the current exchange rate, while the upper bound converts to $522 million.
This means that the members of both these groups are the whale entities, with the latter cohort naturally carrying the largest of holders even among these humongous investors.
Now, here is a chart that shows the trend in the XRP Supply Distribution for both of these whale groups over the last few months:
As displayed in the above graph, the XRP Supply Distribution for the smaller of the two cohorts (that is, the 10 million to 100 million coins group) has been rising for a while now. This means that these whales have only continued to buy more as the asset’s price has observed an extended drawdown.
This behavior hasn’t changed with the latest sharp plunge in the cryptocurrency, either, as the metric has now risen toward the 5.1 billion mark.
The largest of whales (100 million coins to 1 billion coins), on the other hand, started to actively dump their coins not too long after the coin hit its top in July. They continued their selling until the recent crash, but following it, they have changed their tune and have participated in some pretty significant accumulation.
This is naturally a positive sign for the cryptocurrency, as it means that these humongous whales believe that the current lows should prove to be a profitable buying point.
With this accumulation spree, this cohort as a whole now holds an 11 billion tokens stack. This means that these two whale cohorts combined now carry around 16.1 billion coins of the asset, worth around $8.4 billion.
It’s uncertain whether XRP would recover anytime soon, but the buying from the whales is at least a sign that these humongous entities would be supportive of such a move if it happens.
XRP PriceAt the time of writing, XRP is trading around $0.52, down 17% in the last week.
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