The XRP price has made a significant bullish push recently as on-chain data shows whales have been accumulating significant amounts.
XRP Whales Have Made Big Purchases In Last Few Weeks
According to data from the on-chain analytics firm Santiment, the XRP whales have been busy buying recently. The on-chain indicator of relevance here is the “Supply Distribution,” which tells us about the total amount of the cryptocurrency that a particular wallet group is holding.
Addresses or investors are put into these cohorts based on the number of coins they carry in their balance. For instance, the 1 to 10 coins group includes the holders who own at least 1 and at most 10 tokens of the asset.
In the context of the current discussion, the 1 million to 10 million coins group is of interest. The lower end of this range converts to around $2.39 million and the upper one to $23.9 million.
Given this massive size, only the big-money investors would be able to become a part of this group. The range doesn’t cover the entire whale cohort, only the smallest of these humongous entities.
Nonetheless, the investors part of this cohort still make up a key part of the market, so their behavior can be worth keeping an eye on. One such way to do so is through the trend in their Supply Distribution.
Below is the chart shared by the analytics firm that shows how this indicator’s value has changed for these whales over the last few months.
The value of the metric appears to have been climbing up in recent days | Source: Santiment on X
As is visible, the XRP Supply Distribution for this whale cohort has registered a considerable increase recently, which implies these investors have been participating in net accumulation.
More specifically, the group has added 679.1 million tokens of the asset to their holdings over the last three weeks. At the current exchange rate, this converts to about $1.65 billion.
Given this steep buying, it’s not a surprise that the cryptocurrency’s price has been enjoying bullish momentum. Also, considering that the Supply Distribution of the whales has only been continuing to rise, the coin may also see a further increase.
In the chart, Santiment has also attached the data for another indicator: the Total Amount of Holders. This metric keeps track of the total number of XRP addresses that are carrying a non-zero balance.
The Total Amount of Holders has gone up by 119,820 in the same period as the whale accumulation, so it’s not just been the big-money investors coming into the market; the retail investors have also been flooding in.
Following this latest increase, the non-empty XRP addresses have broken the 5.5 million mark for the first time ever in XRP history.
XRP Price
XRP’s massive jump of around 69% has seen it become far and away the best performing coin in the digital asset sector.
Looks like the price of the coin has been riding an uptrend recently | Source: XRPUSDT on TradingView
Featured image from Dall-E, Santiment.net, chart from TradingView.com
