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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

XRP Enjoys 11% Rally As Sharks & Whales Hit 2023 High Holdings

Keshav Verma
Keshav Verma
1 year ago
3 mins read
XRP Whale Shark

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On-chain data shows the XRP sharks and whales have been accumulating as the recent rally in the token’s price has occurred.

XRP Sharks & Whales Are Backing The Current Rally In The Asset

According to data from the on-chain analytics firm Santiment, the large XRP holders have participated in buying recently. The relevant indicator here is the “Supply Distribution,” which measures the percentage of the total supply that each investor cohort in the market is holding in their wallets as a whole right now.

In the context of the current discussion, the 100,000 to 1 billion token group is of interest. This cohort naturally includes all investors or addresses who are carrying at least 100,000 and at most 1 billion XRP in their balance.

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At the time of writing, this range converts to about $69,000 at the lower end and $690 million at the upper end. The holders that carry such large amounts are popularly called the sharks and whales (with the sharks obviously being the smaller cohort of the two).

Here is a chart that shows the trend in the Supply Distribution specifically for these sharks and whales over the past few months:

XRP Supply Distribution

Looks like the value of the metric has registered some increase in recent days | Source: Santiment on X

As displayed in the above graph, the XRP sharks and whales addresses hit a low last month at the same time as the asset’s ratio with Bitcoin had reached a bottom. At these low prices, the cohorts participated in some rapid accumulation, leading to their holdings shooting up.

In the period since this buying started, the cryptocurrency has enjoyed a sharp rally. From the chart, it’s also visible that the sharks and whales aren’t done with the asset just yet despite all the price increases it has already seen so far, as their holdings have continued to trend up recently.

After the latest rise in the indicator, these humongous entities now control about 45.8% of the entire circulating supply of the asset, which is the highest level for the year 2023.

During the last 24 hours, XRP has registered a further 11% uplift and so far, the sharks and whales haven’t shown any reaction to it. Further buying or even sideways movement at these highs would naturally be an optimistic sign for the asset.

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One obstacle that the coin could face, though, is the social dominance spike that it has just seen with the latest leg in the rally. The “social dominance” is a metric that tells us how the social media talk related to XRP currently compares against that of the top 100 coins by market cap.

As is visible in the graph, this indicator has now hit its highest point since mid-July, suggesting that the coin is receiving considerable attention right now. Historically, such hype has often not been a good sign for rallies, as tops have become more probable to form in these conditions.

XRP Price

Following the latest rise, XRP has managed to break through the $0.69 mark for the first time since the start of August.

XRP Price Chart

The value of the asset has been going up during the past few days | Source: XRPUSD on TradingView
Featured image from Sense Atelier on Unsplash.com, charts from TradingView.com, Santiment.net
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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