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XRP Whales Go On $84 Million Buying Spree: Rally To Continue?
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XRP Whales Go On $84 Million Buying Spree: Rally To Continue?

Keshav Verma
Keshav Verma
10 months ago
2 mins read
XRP

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On-chain data shows the XRP whales have participated in a large accumulation in the past week, which could be bullish for the asset’s price.

XRP Whales Bought More Than 140 Million Tokens Over The Past Week

As explained by analyst Ali Martinez in a new post on X, the XRP whales have increased their supply share recently. The on-chain indicator of relevance here is the “Supply Distribution” from the analytics firm Santiment, which tells us about the total amount of tokens a given wallet group holds.

The addresses or investors are divided into these groups based on the number of coins they carry in their balance. For instance, the 1 to 10 coins cohort includes all wallets that own at least one and at most ten tokens of the asset.

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If supply distribution is applied to this group, it would tell us the amount of supply that such addresses hold to satisfy this condition.

In the context of the current discussion, the whales are the cohort of interest, which may be defined as the holders who own between 1 and 10 million XRP. At the latest exchange rate, this range converts to $600,000 at the lower end and $6 million at the upper one.

These investors are quite large. The influence of any entity in the market generally increases with the more assets they hold, so the whales, with their massive holdings, can be considered influential beings.

As such, what this cohort is doing can be worth keeping an eye on, as it can at least provide hints about the sentiment among these humongous holders.

Below is the chart shared by the analyst that shows the data in the Supply Distribution for this group.

XRP Whales
The value of the metric appears to have been rising over the last few days | Source: @ali_charts on X

As displayed in the above graph, the supply held by the XRP whales has been observed to jump significantly over the past week. These investors have added 140 million tokens (worth more than $84 million) to their holdings inside this window.

This accumulation spree from the cohort has come while the cryptocurrency has already been trading at relatively high levels following its latest recovery rally. Thus, the buying would suggest that the whales believe there is potential for further rise.

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It now remains to be seen whether the bet of these humongous holders works out, with the price continuing its rally. However, the metric may be to monitor in the coming days, as any drawdowns in it can prove bearish instead.

XRP Price

At the time of writing, XRP has been trading around $0.60, up almost 4% over the last seven days.

XRP Price Chart
Looks like the coin’s value has registered a notable increase over the last couple of weeks | Source: XRPUSD on TradingView
Featured image from Dall-E, Santiment.net, chart from TradingView.com
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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.

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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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