As a seasoned crypto investor with several years of experience under my belt, I’ve learned to pay close attention to on-chain data and the activities of major players in the market. The recent surge in XRP whale accumulation as reported by analyst Ali Martinez is an intriguing development that could signal bullish sentiments for the asset’s price.
Recent on-chain activity indicates that XRP‘s large investors, or “whales,” have been actively purchasing large quantities of the cryptocurrency within the past week. This trend may potentially signal a bullish outlook for XRP’s future pricing.
XRP Whales Bought More Than 140 Million Tokens Over The Past Week
According to an analysis by Ali Martinez in a recent post on X, the proportion of XRP held by large whale investors has grown more substantial as per the “Supply Distribution” data from analytics firm Santiment. This indicator reveals the total quantity of tokens controlled by specific wallet groups.
Wallets holding between one and ten coins of a given asset are categorized into this group.
Applying the concept of supply distribution to this group would reveal how much supply each address holds in order to meet the specified condition.
In our ongoing conversation, the focus is on the group of whale investors, specifically those who possess between 1 million and 10 million XRP. At present value, this investment range equates to approximately $600,000 for the smallest holding, while the largest falls around $6 million.
Large investors wield significant influence in the market due to their substantial assets. Thus, these “whales” with their immense holdings are influential entities.
Based on my extensive experience in the financial markets and analysis of various trends, I believe that monitoring this particular group of large investors, or “humongous holders,” is a valuable endeavor. Their actions can offer intriguing insights into the prevailing sentiment among these influential players, providing clues about potential market shifts or trends worth investigating further.
Based on my extensive experience as a data analyst, I’d like to share with you an alternative way of presenting the information from the Supply Distribution chart for this particular group. Instead of saying “Below is the chart shared by the analyst that shows the data in the Supply Distribution for this group,” you could consider using more conversational language and say something like, “From my perspective as a seasoned data analyst, I’d describe the Supply Distribution data for this group by sharing that the following chart illustrates the supply levels we’ve observed.”
Over the past week, as shown in the graph above, XRP whales have noticeably increased their supply by approximately 140 million tokens, equivalent to over $84 million in value.
The buying frenzy among this group has occurred with cryptocurrencies already trading at elevated prices after their recent surge in value. Consequently, these large investors’ purchases indicate their belief in the possibility of further price increases.
It’s yet to be determined if the large investors’ wager will pay off, as the price keeps surging. But it’s important to keep an eye on this indicator in the near future, as significant declines could signal a reversal instead.
XRP Price
At the time of writing, XRP has been trading around $0.60, up almost 4% over the last seven days.
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2024-07-24 09:04