XRP Whales Go On $84 Million Buying Spree: Rally To Continue?
24 Juillet 2024 - 8:00AM
NEWSBTC
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. Related Reading: Chainlink (LINK) Forms Signal
That Last Led To 123% Rally 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. 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. Related Reading: Last Resistance: Bitcoin Now
Testing Final Short-Term Holder Cost Basis 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. Featured image
from Dall-E, Santiment.net, chart from TradingView.com
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