As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market trends and patterns. The recent accumulation of XRP by large whales is a trend that catches my attention, especially given the cryptocurrency’s impressive performance over the past few months.
Over a significant period, substantial investors or ‘whales’ in the XRP Ledger have consistently increased their ownership of the platform’s indigenous digital currency (XRP). Interestingly, it appears that when the value of the XRP token increases, these big investors tend to accumulate more of it.
Based on information from on-chain analysis provider Sentiment, as highlighted by well-known crypto analyst Ali Martinez, large XRP holders (owning between 1 million and 10 million tokens) have amassed over 100 million tokens, which equates to approximately $240 million when the token’s price experienced a minor drop.
As a researcher, I’ve observed an interesting trend in our data analysis. It appears that the addresses within this cohort have significantly increased their holdings of XRP over the past few weeks. Current estimations suggest they now own between 4 and 79 billion XRP tokens. Moreover, addresses holding between 10 million and 100 million XRP tokens have been consistently accumulating more since the start of the year. This growth has escalated from approximately 5.2 billion XRP to a current total of 6.91 billion tokens.
Santiment’s data indicates that during the rise in XRP’s price, addresses holding between 1 million and 10 million tokens appear to have been accumulating, while addresses with 100,000 to 1 million XRP seem to have been offloading their holdings. In fact, these larger holders of XRP are estimated to have sold approximately 200 million XRP during this price increase.
Over the last few months, XRP has experienced an extraordinary price surge. In fact, it’s increased by over 290% during the past year, moving from approximately $0.62 to its current value of $2.46. Although it hasn’t reached a new record high, its recent growth has left many in the cryptocurrency world taken aback. This upward trend occurs as multiple companies, such as WisdomTree, submit applications to list XRP-based exchange-traded funds (ETFs).
The Securities and Exchange Commission (SEC) hasn’t approved a spot XRP exchange-traded fund (ETF) so far, and it’s been involved in a legal dispute with Ripple since 2020. The SEC alleges that Ripple has raised $1.3 billion by selling XRP tokens, which they consider to be unregistered securities due to this action.
The digital currency, XRP, has seen an increase in value following Ripple’s approval for its RLUSD stablecoin by the New York Department of Financial Services (NYDFS). The strong performance of XRP can be attributed to several factors, one of which is the recent election victory of Republican candidate Donald Trump in the 2024 U.S. presidential race, as it has fueled anticipation for a pro-cryptocurrency administration.
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2024-12-11 20:12