When it comes to XRP, everyone’s attention once again turns to the market. Emerging on-chain data reveals that the number of large cryptocurrency investors has recently increased on the XRP side, which could potentially lead to a price rise for XRP.
The Status of Investors Holding Over 1 Million XRP
According to data provided by on-chain analysis firm Santiment, the number of XRP investors holding at least 1 million coins in their wallets has noticeably increased recently. A significant indicator in this regard was the “supply distribution” which points to different wallet groupings and emerged from tracking the total number of addresses.
Addresses are segmented into cohorts based on the current amount of assets they hold. For example, when referring to the 1 to 10 coin group, it draws attention to all investors owning between 1 and 10 XRP.
Returning to the current topic, addresses holding 1 million or more coins have always been noteworthy.
With current prices, a wallet holding mentioned 1 million XRP is valued at $544,300. Consequently, it is fair to say that investors in this group possess significant assets.
The graph below shows how the supply distribution for wallet addresses in this range has shaped over the past year:
As reflected in the graph above, the number of XRP addresses holding at least 1 million tokens has noticeably increased in the last few weeks. As of today, 2,013 wallet addresses fall within this range, very close to the value seen in June 2023.
The recent increase in value in the indicator shows that whales are turning their attention to this cryptocurrency. Naturally, this situation could indicate a positive outlook for the price of the cryptocurrency.
Analyst’s Comment on XRP
The trend observed in XRP can be interpreted in other ways, leading investors to look at the total asset amount held by whales. Ali Martinez highlighted this in a shared post, where wallets holding between 10 million and 100 million XRP appeared to be increasing their purchases.
Looking at the graph, it is evident that a significant part of the accumulation occurred after the recent drop in the price of the cryptocurrency, suggesting that whales aimed to turn this situation to their advantage.
Just last week, XRP whales made purchases worth nearly 17 million dollars, acquiring 31 million tokens. Following these purchases, there was a notable recovery in the XRP price, which might mean that earlier buying whales found what they were looking for.
