The XRP price has made a significant bullish push lately as on-chain data shows that whales have accumulated significant amounts.
XRP whales have been making major purchases in recent weeks
This is evident from data from the on-chain analysis company Holythe XRP whales have been busy buying lately. The on-chain indicator of relevance here is the “Delivery distribution”, which tells us about the total amount of cryptocurrency held by a given portfolio group.
Addresses or investors are placed in these cohorts based on the number of coins they have in their balance. For example, the group of 1 to 10 coins includes the holders who own a minimum of 1 and a maximum of 10 tokens of the asset.
In the context of the current discussion, the group of 1 million to 10 million coins is interesting. The lower end of this range works out to approximately $2.39 million and the upper end to $23.9 million.
Given this enormous size, only the big investors could be part of this group. The range does not cover the entire range whale cohort, just the smallest of these gigantic entities.
Nevertheless, the investors in this cohort are still an important part of the market, so their behavior may be worth keeping an eye on. One way to do this is through the trend in their supply distribution.
Below you can see the graph shared by the analytics company showing how the value of this indicator for these whales has changed in recent months.
The value of the metric appears to have been climbing up in recent days | Source: Santiment on X
As can be seen, the XRP Supply Distribution for this whale cohort has registered a significant increase recently, implying that these investors have participated in the net accumulation.
More specifically, the group has added 679.1 million tokens of the asset to their holdings over the past three weeks. At the current exchange rate, this amounts to approximately $1.65 billion.
Given this steep buying, it’s no surprise that the cryptocurrency’s price is seeing bullish momentum. Considering that the whale supply distribution has only continued to rise, the currency could see further appreciation as well.
In the chart, Santiment has also included the data for another indicator: the Total number of holders. This metric tracks the total number of XRP addresses with a non-zero balance.
The total number of holders has increased by 119,820 over the same period as whale accumulation, so it’s not just the big investors getting into the market; Private investors also poured in.
Following this latest surge, non-empty XRP addresses have surpassed 5.5 million for the first time in XRP history.
XRP price
The massive jump of around 69% has made XRP by far the best performing coin in the digital asset sector.
Looks like the price of the coin has been riding an uptrend recently | Source: XRPUSDT on TradingView
Featured image from Dall-E, Santiment.net, chart from TradingView.com