On-chain data reveals that XRP whales have engaged in substantial buying activity recently, possibly driving the asset’s recent surge. According to analyst Ali Martinez in a recent post on X, XRP whales have significantly increased their holdings over the past 10 days. This behavior was analyzed using the “Supply Distribution” metric from on-chain analytics firm Santiment, which tracks the amount of tokens held by various wallet groups.
Wallets are categorized based on their current balance. In this context, the whale entities are of particular interest. Typically, these whale wallets hold between 100 million to 1 billion XRP, translating to approximately $63.1 million to $631 million at current exchange rates. As entities with large holdings have a greater influence on the network, the actions of these whales can provide valuable insight into market sentiment.
A recent chart indicates a marked increase in XRP held by these whales. In the last ten days, these large investors have added over 470 million tokens, nearly $300 million worth, to their accounts. Much of this accumulation occurred when XRP was trading around $0.58, suggesting that the whales saw this price as a profitable buying opportunity.
This strategy has proven effective, as XRP’s price has increased from below $0.59 to over $0.63 over the past weekend. While this uptick in price is favorable for now, the behavior of these whales should continue to be monitored, as their future actions could impact the asset’s price.
If the accumulation indicator continues to rise, it suggests a bullish outlook for XRP, indicating whale support for further price increases. Conversely, a decline in the indicator might signal profit-taking by whales, which could negatively impact the asset’s value.
Currently, XRP is trading around $0.631, reflecting an 8% increase over the past week. The price of the coin has been on an upward trend in recent days.
