XRP Surges 39% As Sharks & Whales Push Supply Share Past 85%

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As a seasoned financial analyst with over a decade of experience in the cryptocurrency market, I have witnessed numerous price fluctuations and trends. The recent surge in XRP‘s price, which has seen a sharp rally of over 39% in just the past week, has piqued my interest due to the significant accumulation activity from large investors, as evidenced by on-chain data.

In the last seven days, the XRP price has experienced a significant surge of more than 39%. According to on-chip data, large investors, including sharks and whales, have been actively purchasing XRP.

XRP Sharks & Whales Now Carry Over 85% Of The Entire Supply

Based on information from the cryptocurrency analysis company Santiment, the trend among larger XRP investors has been one of buying for some time now. A key metric to consider in this context is the “Supply Distribution,” which monitors the total quantity of XRP that various wallet groups presently possess.

Holders and investors are categorized into distinct groups depending on the quantity of tokens they possess in their wallets. For example, those with a token count ranging from 1 to 10 are classified within the first group for XRP holdings.

In the present discussion, the collective significance of sharks and whales lies in their prominence within the industry. Given that they represent the most substantial populations among all other sector participants, monitoring their actions is advisable as their moves could potentially induce market fluctuations. It’s important to note that whales possess greater market influence than sharks.

As a data analyst at Santiment, I’d like to share that our team sets the lower limit for the cumulative tokens held by sharks and whales in our database at 100,000 units. At present cryptocurrency exchange rates, this translates to approximately $61,200 in value.

Based on my extensive experience in cryptocurrency analysis and market trends, I have closely monitored the XRP supply distribution for major players like sharks and whales over the past few months. The following chart illustrates some intriguing patterns that might provide valuable insights into the behavior of these large investors. Let’s delve deeper into this fascinating data to gain a better understanding of their strategies and potential market influences.

XRP Surges 39% As Sharks & Whales Push Supply Share Past 85%

Large-scale XRP investors, identified as sharks and whales on the graph, have observed a significant increase in their XRP holdings over the past few months. Currently, they control approximately 51.59 billion XRP, which represents around 85% of the total circulating supply of this cryptocurrency.

The total number of individuals in this group has reached a new record high, surpassing previous peaks, whereas the percentage represents an eleven-month high.

In this timeframe, the investments made by sharks and whales in cryptocurrency have remained consistent, irrespective of market upswings or downturns. This steadfast commitment from major investors serves as a positive indicator for the health of the asset.

In the longer perspective, the coin appears optimistic as indicated by this particular factor. However, there’s an additional aspect that could signal a bearish trend in the immediate future for XRP, as highlighted by Santiment in another post. Social media buzz from investors has been quite significant towards XRP.

XRP Surges 39% As Sharks & Whales Push Supply Share Past 85%

I’ve analyzed the data presented in the chart, and it appears that the sentiment towards the asset has shifted into positive territory after its recent recovery rally. However, it’s important to note that historically, cryptocurrencies have often moved in the opposite direction of popular expectations. This herd mentality, also known as Fear of Missing Out (FOMO), can potentially hinder the asset’s upward momentum.

The analytics company has included sentiment data for Cardano (ADA) in the chart as well. This cryptocurrency seems to be facing intense negativity, which might actually be a positive indicator for potential price increases.

XRP Price

XRP has broken past the $0.61 level after witnessing a more than 41% rally over the past week.

XRP Surges 39% As Sharks & Whales Push Supply Share Past 85%

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2024-07-18 08:12