Ripple Big Players Load Up On a Staggering 380M XRP, Fuelling an 18% Surge in XRP Price
In the last ten days, on-chain data from Santiment indicates that whales have accumulated more than 380 million XRP tokens. Market analyst Ali Martinez highlighted this trend in a recent post. These investors, who typically hold between 10 million and 100 million XRP, have been consistently accumulating XRP over the past few weeks, signaling their confidence in the token’s potential in the short to medium term.
Whale Activity
The graph depicting whale holdings of XRP shows a significant increase in accumulation. Notably, during the first week of September, when XRP’s price was slightly above $0.505, these large investors became bullish and increased their holdings from just under 6.78 billion XRP to over 7.04 billion. This accumulation trend closely correlates with XRP’s market value.
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Following this accumulation, XRP’s price surged from $0.5059 on September 6 to $0.5986 by September 14, marking an 18.32% increase in just eight days. Although there was a slight correction in the subsequent days, whale holdings saw another spike, reaching 7.17 billion XRP by Thursday.
It’s important to note that the current holdings of XRP by these large investors are approaching an all-time high, similar to the peak observed seven weeks ago when they collectively held around 7.2 billion tokens. This surge in accumulation occurred shortly after the resolution of the Ripple lawsuit, which significantly boosted interest in XRP and led to a 30% increase in its price.
XRP Significant Milestones
Now, the resumption of whale accumulation raises the question of what is driving their confidence in XRP this time. Notably, there have been significant developments in the XRP ecosystem, such as the launch of the Grayscale XRP Trust, which allows eligible investors, including institutions and individuals, to gain exposure to XRP. Since its launch, the net asset value (NAV) of the Grayscale XRP Trust has surged by over 11%.
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