XRP Sharks & Whales Push Bags To ATH As Price Rockets 19%
August 08 2024 - 10:00PM
NEWSBTC
On-chain data shows the XRP sharks and whales have expanded their
holdings to a new all-time high (ATH) with a 10% jump in August.
XRP Wallets With 10 Million To 100 Million Tokens Have Set A New
Record According to data from the analytics firm Santiment, the XRP
sharks and whales have sharply increased their holdings recently.
The indicator of relevance here is the “Supply Distribution,” which
tells us about the total amount of the cryptocurrency that a given
wallet group is holding right now. Addresses or investors are
divided into these cohorts based on the number of coins that they
are currently carrying in their balance. A wallet holding 5 XRP,
for instance, falls into the 1 to 10 coins group. Related Reading:
Solana (SOL) Jumps 39% From Crash Low, But Is This Rally
Sustainable? In the context of the current topic, the 10 million to
100 million tokens cohort is of interest. At the current exchange
rate, this range converts to $6.13 million at the lower end and
$61.30 million at the upper one. Clearly, the entities that would
qualify for this group would be among the largest in the sector.
More specifically, the higher end of the sharks and the lower end
of the whales would fall inside this range. Generally, the
influence of any entity on the network goes up the more coins that
they hold, so the behavior of these large holders can be worth
keeping an eye on, as it may end up affecting the market. Now, here
is a chart that shows the trend in the XRP Supply Distribution for
these sharks and whales over the past few months: As is visible in
the above graph, the XRP sharks and whales have sharply increased
their holdings during the past few days. Alongside the buying, the
asset has seen a rebound from its crash, with a particularly large
jump coming during the past 24 hours. This latest increase in the
cryptocurrency’s price is a result of Ripple’s victory against the
US Securities and Exchange Commission (SEC), as the court has ruled
that the firm only has to pay $125 million of the $2 billion fine
that the SEC had sought. Interestingly, the bulk of the shark and
whale accumulation had actually come ahead of the news, implying
that big money investors may have had anticipated the outcome. The
Supply Distribution for the 10 million to 100 million coins group
is now at a new ATH, as investors belonging to the cohort combined
carry around 7.06 billion XRP, worth around $4.3 billion right now.
This reflects an increase of more than 10% in August alone. In the
same chart, Santiment has also attached the data for another
indicator, the Social Dominance, which basically tells us about
what percentage of social media discussions related to the top 100
cryptocurrencies that a given asset is currently occupying. Related
Reading: Bitcoin Funding Rates Turn Negative: Shorts’ Turn To Get
Squeezed? This indicator appears to have seen a sharp spike for
XRP, which makes sense as users have been talking about the Ripple
case closure and the price rally. Excessive hype, however, has
historically not been a positive sign for the coin’s price. XRP
Price XRP has almost made full recovery from the drawdown that had
begun at the end of July as its price has returned to $0.61.
Featured image from Dall-E, Santiment.net, chart from
TradingView.com
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