XRP Witnesses a Remarkable 11% Surge as Large Investors Accumulate Record High Holdings for 2023

XRP Witnesses a Remarkable 11% Surge as Large Investors Accumulate Record High Holdings for 2023

XRP Holders Accumulate Tokens During Recent Rally

Data from on-chain analytics firm Santiment reveals that XRP whales and sharks have been actively buying the token during its recent price rally. The “Supply Distribution” metric, which measures the percentage of the total supply held by different investor cohorts, shows increased accumulation by holders with 100,000 to 1 billion XRP in their wallets.

These large holders, commonly referred to as sharks and whales, control significant amounts of XRP, ranging from approximately $69,000 to $690 million. The chart depicting the trend in Supply Distribution for these cohorts indicates a rise in accumulation over the past few months.

Social Media Buzz Surrounding XRP

Furthermore, the “social dominance” metric, which compares social media discussions about XRP to other top 100 coins by market cap, has reached its highest level since mid-July. This suggests that XRP is currently receiving significant attention. However, historically, such hype has often preceded market tops and potential downturns.

XRP Price Breaks $0.69 Mark

Stay ahead in the crypto world with our newsletter!

Subscribe now for the latest updates, insights, and trends in the cryptocurrency market.

As a result of the recent rally, XRP has surpassed the $0.69 threshold for the first time since August. This upward movement in price reflects the increased demand and accumulation by large XRP holders.

XRP Price Chart

Hot Take: XRP Accumulation Points Towards Bullish Sentiment

The recent accumulation of XRP by whales and sharks, along with the surge in social media buzz, suggests a growing bullish sentiment towards the token. However, it is important to remain cautious as historically, heightened hype has often signaled market tops. Keeping an eye on these accumulation trends and monitoring investor behavior will provide valuable insights into the future direction of XRP’s price.

Author – Contributor at | Website

Newt Bettec emerges as an intellectual voyager at the intersection of crypto analysis, meticulous research, and editorial mastery. Within the digital labyrinth of cryptocurrencies, Newt’s intellect traverses intricate corridors, resonating with seekers of diverse inclinations. His talent for unraveling complex threads of crypto intricacies seamlessly blends with his editorial finesse, transmuting intricacy into an engaging tapestry of understanding.

Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.
Share via
Share via