On-chain data reveals an interesting trend among XRP mega holders, in this context referring to addresses that own more than 100,000 XRP tokens.
These large holders, described as “whales” and “sharks,” have been quietly increasing their holdings as the XRP price consolidated before its current breakout.
Data from on-chain analytics firm Santiment highlights a growing trend of accumulation among large XRP holders, as these entities, holding at least 100,000 XRP coins, have been steadily increasing their holdings since last August. Santiment observed a noticeable turning point in supply accumulation since this period.
Following the historic ruling in the Ripple-SEC lawsuit in July 2023, which definitively declared XRP not a security, XRP jumped as high as $0.95 before receding in the weeks that followed.
The following August, XRP would later reach lows of $0.44; however, whales took it as a perfect opportunity to kickstart a long accumulation stretch spanning into months, according to Santiment.
This continued accumulation trend has now yielded a new high in holdings for these XRP mega investors.
XRP large holders hit new high with 51.59 billion XRP
According to Santiment, XRP wallets holding over 100,000 tokens now hold 51.59 billion XRP, which represents a new all-time high and also 85% of the total supply.
đłđ XRP has now climbed above $0.58 for the first time since the market-wide retrace back on April 12th. This rebound is supported by climbing levels of coin hodling from whales and sharks with 100K+ XRP coins. A noticable turning point in supply accumulation began last August. pic.twitter.com/nBNsAfnoiw
â Santiment (@santimentfeed) July 16, 2024
Following days of consecutive price increases, XRP reached highs of $0.62 in today’s trading session as bullish narratives emerged for its price. As reported, XRP is depicting a “golden cross” on its four-hour charts, validating its current bullish surge.
At the time of writing, XRP had erased some of its intraday gains and was up 4.7% in the last 24 hours to $0.61.
Following a weekly surge of over 40%, XRP has reclaimed sixth place in the market rankings with a market value of $33.99 billion.