The last few weeks have been unfavorable for cryptocurrencies in the market. Largest digital currencies such as Bitcoin (BTC) and Ethereum (ETH) have recorded huge losses. The former lost $50,000 support in the process, while the latter dropped below the $4,000 mark.
In the middle of the negative trend, some traders took losses and moved on, while some crypto whales seized the opportunity to actively accumulate. XRP whales have been making good use of this opportunity, according to Santiment.
Read Also: Real Vision CEO Raoul Pal Gives Reasons for Holding XRP
Going by a chart of holdings on addresses with over 1,000,000 XRP, whales have managed to add more than 6% to their previous holdings. They are currently holding 3.3 billion XRP, which is worth relatively $2.6 billion at current prices.
Santiment tweeted, “#XRPNetwork is currently sitting at about $0.81, but smart money whale millionaires have kept up their one-year trend of accumulating more supply. Addresses with 1M to 10M XRP hold 3.31B, including a 6% increase to their holdings in the past 3 months.”
Read Also: Someone Abnormally Transferred 60 Million XRP between Wallets of Various Exchanges
XRP whales’ accumulation trend started in December 2020 with only 5.6% of addresses remaining in the whale tier. The local peak for most large wallets was attained in July 2021 before XRP whales distributed 0.5% of their holdings.
The new trend started in September 2021 when the number of wallets holding 1 to 10 million XRP on the network reached 5.8%. At the moment, whales hold 6.1% of all wallets on the network.
Read Also: Brad Garlinghouse Says the SEC Aided Ethereum to Overtake XRP as Second-Largest Crypto
Going by price history, XRP tends to have an inverse correlation with the indicator, which implies that the number of whales on the network surges each time the price of the digital token dips.
Follow us on Twitter, Facebook, Telegram, and Download Our Android App
Arbitrum holders have faced significant challenges due to frequent token unlocks. Similarly, Mantle's current trading…
Shiba Inu (SHIB), the second-largest meme coin, saw a market downturn lately. This decline coincides…
Historically, institutions have avoided investing in cryptocurrency for fear of its volatility and lack of…
As stagflation intensifies in the United States, a noticeable trend is emerging among cryptocurrency investors.…
The most essential factor in the crypto domain is financial stability. While many players like…
Linda, a prominent analyst on TradingView, recently shared her analysis, anticipating a significant upswing for…