XRP whales (addresses holding between 100,000 and 10 million XRP) have been on an accumulation trend recently as the proportion of XRP supply held at these addresses has increased from 16.7% to 18.27% over the past five weeks. This wave of accumulation started after the altcoin price slumped from the $0.50 high, which indicates the escalation of the bottom buying frenzy.
According to data from crypto behavioral analytics platform Santiment, the current XRP supply rate of 18.27% held by these whale addresses is the highest in more than a year. Santiment recently noted the increasing pattern of accumulation among whales of many assets, including XRP. pulled.
🐳 Whales continue to play a major role in how markets ebb & flow. In flat market conditions like right now, keeping tabs on which assets are getting accumulated & dumped can lead to huge wins. Check out how $LTC, $XRP, $UNI, $COMP, $MKRand $QNT look. 👀 https://t.co/mkirj5sy0u
— Santiment (@santimentfeed) December 13, 2022
However, after the drop from the $0.50 region triggered by the FTX crash in early November, the altcoin has witnessed a surge of accumulation. Whales collected massive amounts of XRP as they tried to collect the asset in the oversold zone. Thanks to this, the supply of XRP held by the addresses in question rose sharply from 16.7% to 18.27%. In other words, there was a 9.4% increase in just five weeks.
Besides, the Santiment report pointed out that another price rise for XRP would not be surprising given the sharp increase in accumulation noticed.
XRP Price
XRP, on the other hand, has outperformed most of the altcoins in the past seven days despite its decline over the timeframe.
With a slight gain of 2.34% in the last 24 hours, XRP became the top gainer among the top 15 assets in the past day. However, the target of retracing the $0.40 price point did not materialize as it is currently trading at $0.38. XRP’s journey to recapture $0.40 is largely dependent on the developments in the legal battle between Ripple and the US SEC.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.