2024-7-24 09:00 |
On-chain data shows the XRP whales have participated in a large accumulation in the past week, which could be bullish for the asset’s price.
XRP Whales Bought More Than 140 Million Tokens Over The Past WeekAs explained by analyst Ali Martinez in a new post on X, the XRP whales have increased their supply share recently. The on-chain indicator of relevance here is the “Supply Distribution” from the analytics firm Santiment, which tells us about the total amount of tokens a given wallet group holds.
The addresses or investors are divided into these groups based on the number of coins they carry in their balance. For instance, the 1 to 10 coins cohort includes all wallets that own at least one and at most ten tokens of the asset.
If supply distribution is applied to this group, it would tell us the amount of supply that such addresses hold to satisfy this condition.
In the context of the current discussion, the whales are the cohort of interest, which may be defined as the holders who own between 1 and 10 million XRP. At the latest exchange rate, this range converts to $600,000 at the lower end and $6 million at the upper one.
These investors are quite large. The influence of any entity in the market generally increases with the more assets they hold, so the whales, with their massive holdings, can be considered influential beings.
As such, what this cohort is doing can be worth keeping an eye on, as it can at least provide hints about the sentiment among these humongous holders.
Below is the chart shared by the analyst that shows the data in the Supply Distribution for this group.
As displayed in the above graph, the supply held by the XRP whales has been observed to jump significantly over the past week. These investors have added 140 million tokens (worth more than $84 million) to their holdings inside this window.
This accumulation spree from the cohort has come while the cryptocurrency has already been trading at relatively high levels following its latest recovery rally. Thus, the buying would suggest that the whales believe there is potential for further rise.
It now remains to be seen whether the bet of these humongous holders works out, with the price continuing its rally. However, the metric may be to monitor in the coming days, as any drawdowns in it can prove bearish instead.
XRP PriceAt the time of writing, XRP has been trading around $0.60, up almost 4% over the last seven days.
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