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Breaking News: BNB Reaches New All-Time High Of $956 As Binance Nears Deal With US DOJ
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Breaking News: BNB Reaches New All-Time High Of $956 As Binance Nears Deal With US DOJ

XRP Sharks & Whales Push Bags To ATH As Price Rockets 19%

Keshav Verma
Keshav Verma
1 year ago
3 mins read
XRP

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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.

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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:

XRP Supply Distribution
Looks like the value of the metric has observed a rapid increase in recent days | Source: Santiment on X

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.

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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.

XRP Price Chart
Looks like the price of the coin has seen a sharp jump 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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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