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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

XRP Surges 39% As Sharks & Whales Push Supply Share Past 85%

Keshav Verma
Keshav Verma
1 year ago
3 mins read
XRP Sharks & Whales

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The XRP price has seen a sharp rally of over 39% in the past week as on-chain data shows the sharks and whales have been busy accumulating.

XRP Sharks & Whales Now Carry Over 85% Of The Entire Supply

According to data from the on-chain analytics firm Santiment, large XRP investors have been participating in buying for a while now. The indicator of relevance here is the “Supply Distribution,” which keeps track of the total amount of supply that a particular wallet group is currently holding.

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The addresses or investors are divided into these cohorts based on the number of tokens they carry in their balance. For instance, the 1 to 10 coins group includes all holders who own between 1 and 10 XRP.

In the context of the current topic, the combined group of sharks and whales is of interest. The sharks and whales are the two largest cohorts in the sector, so their behavior can be worth keeping an eye on, as it may cause ripples in the market. Naturally, the whales are the more influential of the two groups.

Santiment defines the lower bound for the combined sharks and whales group as 100,000 tokens. At the current exchange rate of the cryptocurrency, this is worth around $61,200.

Below is a chart that shows the trend in the XRP Supply Distribution for these sharks and whales over the past few months:

XRP Sharks & Whales
The supply held by these investors appears to have been rising in recent weeks | Source: Santiment on X

The above graph shows that the XRP sharks and whales have seen their supply rise over the last few months. These large investors now hold around 51.59 billion XRP, equivalent to around 85% of the entire circulating supply of the cryptocurrency.

In terms of the pure balance, the supply of this combined cohort has managed to set a new all-time high (ATH) with the latest increase, while in terms of the percentage, the metric is sitting at an 11-month high.

The accumulation from the sharks and whales has persisted in this period regardless of whether the cryptocurrency’s price has been rallying or plunging. This conviction from these key investors is naturally an optimistic sign for the asset.

While the coin seems bullish in the long term due to this, another development can be a bearish predictor in the short term. As Santiment has pointed out in another X post, investors have shown hype toward XRP on social media.

XRP Weighted Sentiment
The value of the metric seems to be positive for the coin right now | Source: Santiment on X

As the chart shows, the sentiment towards the asset has shot up into positive territory following its recovery rally. Historically, cryptocurrencies have tended to move opposite to the majority’s expectations, so this FOMO can end up as an obstacle to the surge.

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The analytics firm has also attached the data for the sentiment around Cardano (ADA) in the graph. This altcoin appears to be seeing highly negative sentiment, which could be a bullish sign for it.

XRP Price

XRP has broken past the $0.61 level after witnessing a more than 41% rally over the past week.

XRP Price Chart
Looks like the price of the coin has been sharply climbing recently | Source: XRPUSD on TradingView
Featured image from Dall-E, Santiment.net, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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