XRP Whales Accumulating: Positive Sign for Price Recovery
Data from on-chain analytics firm Santiment reveals that XRP whales, the largest investors in the cryptocurrency, have been actively accumulating more coins in recent days. The “Supply Distribution” indicator shows the total amount of XRP held by different investor groups. Of particular interest are the groups holding 10 million to 100 million coins and 100 million to 1 billion coins, known as whale entities. The chart provided illustrates the trend in XRP Supply Distribution for these groups over the past few months, showing a continued rise in accumulation for the smaller cohort.
Interestingly, the largest whales initially sold their coins after XRP reached its peak in July. However, following the recent market crash, they have changed their behavior and engaged in significant accumulation. This accumulation spree has resulted in the two whale cohorts combined now holding approximately 16.1 billion XRP coins, worth around $8.4 billion. While it remains uncertain when XRP will recover, the buying activity from these whales indicates their support for a potential price increase.
XRP is currently trading at around $0.52, experiencing a 17% decrease in the past week.
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