On-chain data shows that XRP whales have been involved in a massive accumulation in the past week, which could be bullish for the asset’s price.
XRP whales bought over 140 million tokens in the past week
As analyst Ali Martinez explains in a new article, mail Recently, XRP whales have increased their supply share on X. The relevant on-chain indicator here is “supply distribution” from analytics firm Santiment, which tells us the total number of tokens held by a given wallet group.
Addresses or investors are divided into these groups based on the number of coins they hold in their balances. For example, the 1-10 coins group includes all wallets that hold at least one or at most ten coins in assets.
If a supply distribution is applied to this group, it will tell us how much supply these addresses have to meet this condition.
In the context of the current discussion, whales are the group of interest, which can be defined as holders of between 1 and 10 million XRP. According to the latest exchange rate, this range translates to $600,000 at the low end and $6 million at the high end.
These investors are very large. The influence of any entity in the market generally increases with the more assets it owns, so whales, with their huge holdings, can be considered influential entities.
As such, what this group does may be worth watching, as it could at least provide hints about the feelings among these giant carriers.
Below is the chart shared by the analyst that shows the data on the supply distribution for this group.
As shown in the chart above, it is noted that the supply held by XRP whales has jumped significantly over the past week. These investors have added 140 million tokens (worth over $84 million) to their holdings within this window.
This accumulation wave by the group came at a time when the cryptocurrency was already trading at relatively high levels following the recent recovery wave. Therefore, the buying indicates that whales believe there is potential for further upside.
It remains unclear whether these massive holders’ bets will pay off, as prices continue to rise. However, it may be a metric to watch in the coming days, as any declines in it could instead be bearish.
XRP price
At the time of writing, XRP is trading at around $0.60, up nearly 4% over the past seven days.