XRP Surges 10% As Whales Participate In $300 Million Buying Spree

As a seasoned researcher with years of experience in the crypto market, I find it intriguing to see the behavioral patterns of major players like XRP whales. The recent surge in their token holdings could indeed be a significant factor behind XRP’s price movement.


Recent on-chain activity indicates that large XRP holders (often referred to as “whales”) have been actively purchasing this asset, which could be one possible explanation for its recent price increase.

XRP Whales Have Added 470 Million Tokens To Their Supply Recently

According to analyst Ali Martinez’s latest post on X, the large XRP investors (or “whales”) have increased their token holdings over the past 10 days. A key metric in this context is the “Supply Distribution” provided by the on-chain analytics firm Santiment, which monitors the current number of tokens held by specific wallet groups.

Investors are categorized according to their present coin balance. For example, wallets containing 5 coins would be classified within the 1-10 coins category. As for the subject at hand, we’re focusing on large-scale investors, often referred to as “whale entities.

The group’s value is usually set between 100 million and 1 billion XRP. At the current exchange rate, the lower limit equates to approximately $63.1 million, while the upper limit translates to around $631 million. Given that an entity’s impact on the network tends to increase with their holdings, the large investors (whales) who have substantial balances would possess some level of influence or power.

Monitoring the actions of these investors could provide valuable insights, as their behavior might not necessarily affect the stock price immediately, but it can certainly reveal the general mood or attitude within this group.

Here’s a graph illustrating the evolution in the distribution of XRP held by large holders (whales) over the last few days:

XRP Surges 10% As Whales Participate In $300 Million Buying Spree

According to the graph, there’s been a significant rise in the supply of XRP held by large investors, often referred to as ‘whales’. Over the past ten days or so, these massive investors have accumulated approximately 470 million XRP tokens, which is roughly equivalent to $300 million.

According to the graph, most of the purchases were made when the asset was valued near $0.58. This indicates that the large investors (whales) thought this price point provided an opportunity for profit, serving as a strategic entry point for the coin.

Over the past weekend, the investors’ wager on the cryptocurrency proved successful, with its value climbing from under $0.59 to surpassing $0.63.

In the upcoming period, it’s advisable to closely monitor the behavior of this coin’s group, as their actions might influence the asset’s price yet again. So far, things have been favorable, but future actions could be telling.

Clearly, if the trend persists and the indicator continues to rise, it’s a positive sign for XRP, suggesting that large investors (whales) are backing a continued increase. Conversely, a downturn might signal unfavorable news, as it could indicate that the whales are cashing out or selling off.

XRP Price

At the time of writing, XRP is trading around $0.631, up 8% over the past week.

XRP Surges 10% As Whales Participate In $300 Million Buying Spree

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2024-10-01 04:16