XRP Market Sees Increase in Large Investors, Potential Price Rise Imminent
Investor interest in XRP has once again sparked as on-chain data reveals a surge in the number of large cryptocurrency investors on the XRP side. This increase could potentially lead to a rise in the price of XRP.
According to data from on-chain analysis firm Santiment, there has been a noticeable increase in the number of XRP investors holding at least 1 million coins in their wallets. This is reflected in the “supply distribution” indicator, which tracks the total number of addresses and segments them into cohorts based on the amount of assets they hold.
Of particular interest are the wallet addresses that hold 1 million or more XRP coins. With current prices, a wallet holding 1 million XRP is valued at $544,300, indicating that investors in this group hold significant assets.
The graph below illustrates the supply distribution for wallet addresses in this range over the past year:
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As shown in the graph, the number of XRP addresses holding at least 1 million tokens has noticeably increased in the past few weeks, reaching a value close to that seen in June 2023. This suggests that whales, or large investors, are turning their attention to XRP, potentially indicating a positive outlook for the cryptocurrency’s price.
Analysts have also noted an increase in the total asset amount held by whales, particularly in the range of 10 million to 100 million XRP. This accumulation occurred after a recent drop in the price of XRP, indicating that whales sought to take advantage of the situation. As a result, XRP whales made purchases worth nearly $17 million last week, acquiring 31 million tokens. This influx of buying activity led to a notable recovery in the XRP price, suggesting that earlier buying whales achieved their desired outcome.
It is important to note that the information provided in this article is not investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own research before making any investment decisions.
