When it comes to XRP, all eyes are once again on the market. New on-chain data reveals an increase in the number of large cryptocurrency investors holding XRP, which could potentially lead to a price surge for the digital asset.
The data, provided by on-chain analysis firm Santiment, shows a noticeable rise in the number of XRP investors holding at least 1 million coins in their wallets. This is indicated by the “supply distribution,” which categorizes wallet addresses based on the amount of XRP they hold.
Wallets holding 1 million or more XRP have always been of interest due to the significant value they possess. With the current price, a wallet holding 1 million XRP is worth $544,300. Therefore, investors in this group have substantial assets.
The graph below illustrates the supply distribution for wallet addresses in this range over the past year:
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As seen in the graph, the number of XRP addresses holding at least 1 million tokens has notably increased in recent weeks. Currently, there are 2,013 wallet addresses in this range, which is similar to the value observed in June 2023.
This increase in the number of whales, or large investors, holding XRP suggests a positive outlook for the cryptocurrency’s price. It indicates that these whales are turning their attention to XRP, potentially driving up its value.
Furthermore, analyst Ali Martinez points out that the trend in XRP can be interpreted in different ways by looking at the total amount of XRP held by whales. Martinez highlights that wallets holding between 10 million and 100 million XRP have been increasing their purchases.
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The graph shows a significant accumulation of XRP after a recent price drop, indicating that whales are taking advantage of the situation to buy more of the digital asset. In the past week alone, XRP whales purchased approximately $17 million worth of XRP, acquiring 31 million tokens. Following these purchases, there was a notable recovery in the XRP price, suggesting that these buying whales achieved their desired outcome.
It is important to note that this article does not constitute investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research before making any investment decisions.
