As a seasoned crypto investor with a knack for deciphering market trends and patterns, I find the recent surge in XRP sharks and whales intriguing. Over the years, I’ve learned that these big players can significantly impact the price movement of any cryptocurrency.
Recent on-chain analysis indicates a significant surge in the number of XRP held by large investors (sharks and whales), suggesting a potential positive trend for the asset’s value.
XRP Sharks & Whales Have Witnessed Their Count Go Up Recently
Over the last five weeks, as an analyst observing the cryptocurrency market, I’ve noticed a significant rise in the number of transactions originating from ‘shark’ and ‘whale’ wallets, as reported by Santiment, a leading on-chain analytics firm. The metric that caught my attention is the “Supply Distribution,” which offers insights into the distribution of addresses within various wallet groups. This increase suggests these large investors are increasingly active in the market, potentially signaling a shift in sentiment or upcoming price action.
Investors are categorized into groups depending on the current amount of XRP they hold in their accounts. For instance, those possessing between 1 and 10 XRP belong to the ‘1 to 10 XRP’ category.
In our ongoing conversation, we’re focusing on the category of over 10,000 digital coins. At present exchange rates, this group is defined by approximately $6,500. Although this amount may seem modest, it’s important to note that the upper limit of this group extends indefinitely. Therefore, it’s also relevant to consider significant investors such as sharks and whales within this category.
Watching the actions of sharks and whales is important in the market since they act as significant players, and their moves could potentially impact the value of cryptocurrencies. Notably, whales have a greater influence given their substantial presence.
Currently, I’d like to share a graph illustrating the evolution of XRP Supply Distribution among the group of more than 10,000 tokens, looking back on recent months:
Over the past five weeks, there’s been a significant surge in the number of XRP wallets within this specific group, with approximately 2,390 new wallets appearing on the network recently.
It seems as though the sharks and whales (significant investors) have been actively purchasing cryptocurrency recently. With the recent surge, the indicator’s value has climbed to a record high of 279,400 within the past six months.
According to the graph, the indicator’s value appeared to be following a decline early in the year, coinciding with the asset’s bearish market trend. However, in April, the indicator hit its lowest point, around the same time that the asset’s price fluctuations lessened significantly.
Due to the rise in the distribution of shark and whale Supply this year, it seems that XRP‘s price has started feeling a bullish breeze once more. According to Santiment’s observations, this relationship between these large wallets and the value of XRP on the market has been quite clear in 2024.
As I’ve observed the trend, it seems prudent to keep a close eye on this particular indicator over the coming days. A persistent increase in its value might suggest a promising bullish scenario for the cryptocurrency market.
XRP Price
Over the last 24 hours, I’ve observed a substantial surge of roughly 5% in XRP‘s value, propelling its current price to approximately $0.65.
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2024-08-01 00:05