Data from crypto data analysis platform Santiment reveals a limited yet strong rebound in the price trajectory of leading altcoin XRP. The data suggests that the recent increase of approximately 5% in XRP’s price may have been triggered by purchases made by some of the most influential investors, known as “whales,” in the community.
Significant Flow of 1.01 Billion XRP
According to Santiment’s analysis, a total of 221 wallet addresses holding between 10 million and 1 billion XRP emerged as key players in this developing narrative. These XRP whales currently hold a high amount of approximately 16.13 billion XRP, which equates to a significant value of around $8.71 billion.
As seen from the graph above, there was a notable surge among wallet addresses holding between 100 million and 1 billion XRP. On August 18, these deep-pocketed investors experienced an unprecedented expansion, resulting in a flow of 1.01 billion XRP. This increase in the amount of XRP in the wallets of whales elevated the total XRP holdings to 11.03 billion.
Wallet Addresses Holding 10 Million to 100 Million XRP Also Making Purchases
Additionally, wallet addresses holding between 10 million and 100 million XRP continue to accumulate at a rapid pace. This group of investors in Ripple‘s XRP has strengthened their positions, reaching an impressive amount of 200 million XRP as of the recent period from August 13. Consequently, the XRP holdings in these wallet addresses have reached 5.08 billion XRP.
There appears to be a clear correlation between this accumulation trend surrounding the prominent altcoin and the slight price increase of XRP. Although the price increase may seem modest, the data indicates that it attracted the attention of major investors, particularly around the $0.43 price level.
Following the recent market decline in the cryptocurrency market, this specific price level garnered interest from large investors as a relatively safe point for risk management, resulting in a price surge for XRP.
