The price of XRP has had a major upward push recently as on-chain data showed whales accumulating large amounts.
XRP whales have made significant purchases in the past few weeks
According to data from the on-chain analytics company saintXRP whales have been busy buying lately. The relevant on-chain indicator here is the “supply distribution,” which tells us the total amount of cryptocurrency held by a given wallet group.
Addresses or investors are placed in these groups based on the number of coins they hold in their balance. For example, a 1-10 coin pool includes coin holders who own at least 1 and 10 tokens of the asset.
In the context of the present discussion, the 1 million to 10 million coin collection is of interest. The low end of this range converts to about $2.39 million and the high end to $23.9 million.
Due to this huge size, only investors with deep pockets will be able to become part of this group. The range does not cover the entire group of whales, but only the smallest of these huge entities.
However, the investor portion of this group still makes up a major part of the market, so their behavior is worth monitoring. One way to do this is through mainstream supply distribution.
Below is the chart shared by the analytics company that shows how the value of this indicator for these whales has changed over the past few months.
The value of the metric appears to have been climbing up in recent days | Source: Santiment on X
As can be seen, the XRP supply distribution of the whale group has registered a significant increase recently, meaning that these investors have participated in net accumulation.
More specifically, the group added 679.1 million tokens of the asset to its holdings over the past three weeks. At the current exchange rate, this amounts to about $1.65 billion.
Given this significant buying, it is no surprise that the cryptocurrency price has upward momentum. Also, given that whale supply distribution continues to rise, the coin may also see another increase.
In the chart, Santiment has also attached data for another indicator: the total number of shareholders. This metric tracks the total number of XRP addresses holding a non-zero balance.
The total number of shareholders rose by 119,820 in the same period as the whales piled in, so it wasn’t just big money investors entering the market; Retail investors also flocked.
Following this latest increase, non-empty XRP addresses crossed the 5.5 million mark for the first time ever in XRP history.
Ripple price
XRP’s massive jump of around 69% has seen it become 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