On-chain data reveals that XRP sharks and whales have significantly bolstered their holdings to a new all-time high, witnessing a 10% surge in August. Analytics firm Santiment’s data indicates that the wallets containing between 10 million to 100 million XRP tokens are setting unprecedented records. This category encompasses entities holding between $6.13 million to $61.30 million worth of XRP, qualifying them as some of the largest players in the market.
These large holders’ behavior is crucial as their actions can notably impact the market. Past months’ data shows a sharp increase in holdings among these significant players. The chart from Santiment underscores a rapid uptick in the XRP Supply Distribution among sharks and whales, correlating with a recovery in the asset’s price, especially a notable surge in the last 24 hours.
Ripple’s recent legal victory against the US Securities and Exchange Commission (SEC), reducing their fine to $125 million from the sought $2 billion, has contributed to this price rally. Interestingly, much of the shark and whale accumulation took place before the news broke, suggesting that these investors may have anticipated the favorable outcome.
Currently, the Supply Distribution in the 10 million to 100 million XRP cohort has reached around 7.06 billion tokens, translating to approximately $4.3 billion, marking a 10% increase in August. Complementing this, the Social Dominance indicator, which tracks the share of social media discussions about the top 100 cryptocurrencies, shows a significant rise for XRP. This spike aligns with the public discourse around Ripple’s legal triumph and the subsequent price resurgence. Historically, however, excessive hype has not always been a positive indicator for the coin’s long-term price movement.
XRP has nearly rebounded from its late-July downturn, with its price climbing back to $0.61, demonstrating a substantial recent increase.
