Big Investors Holding Over 100M XRP Reach an 11-week High

Big Investors Holding Over 100M XRP Reach an 11-week High

Time Stamp: July 24, 2023 3:47 AM
Big Investors Holding Over 100M XRP Reach an 11-week High PlatoBlockchain Data Intelligence. Vertical Search. Ai.

On-chain data shows the number of whales holding 100 million XRP has increased to 199, representing the highest figure in 11 weeks.

XRP, the now fourth-largest crypto by market capitalization, has remained in the spotlight since receiving regulatory clearance from the US court this month.

According to a report from Santiment, a leading market intelligence platform focusing on on-chain analytics for over 2,500 cryptos, whale wallets holding a substantial 100 million or more XRP have risen dramatically to 199.

This remarkable surge in whale wallet addresses, each commanding a staggering minimum value of $74 million, marks a significant milestone. Notably, this figure matches the highest number of such wallets recorded since May 13.

The Santiment chart detailed the distribution patterns of these XRP whales over the past year as they dumped and accumulated the coins at strategic prices.

As of July 2022, when XRP traded below $0.40, 200 XRP whales were in accumulation mode. However, they sold off when XRP crossed $0.518 over three months, sending XRP to the previous low levels.

Similarly, between December and March 2023, the XRP whales resumed accumulation. And within these periods, XRP averaged $0.414. By April, these large investors sold off XRP, with their number also dropping below 200.

Santiment has observed a reversal in the selling trend, with the start of another accumulation pattern as of July 2023, as XRP is worth about $0.7387.

As previously reported by The Crypto Basic, In the past 30 days, XRP active addresses rose by over 23%, and in 365 days, they increased by 43%. Additionally, addresses holding 100,000 to 100 million XRP tokens accumulated around 838 million XRP tokens since May.

XRP is The Trendy Topic in July

The tweet further elaborated on the striking popularity of XRP as a trending topic throughout July, capturing the attention of investors and enthusiasts alike, particularly after defeating the US Securities and Exchange Commission (SEC) at the court.

Recall that The Crypto Basic reported that XRP, outperforming Bitcoin, accounted for at least 21% of all crypto trading volume as of July 17.

Furthermore, the correlation between XRP’s price movements and the fluctuations in the number of massive whale wallets was also highlighted in Santiment tweet. It was revealed that the price of XRP exhibited a moderate correlation with the increase in these colossal holdings.

XRP to Rally by 31% 

While XRP trades at $0.7316, the latest price prediction from Coincodex suggests that the digital asset is projected to experience a substantial surge of approximately 31.05%, propelling it to $0.966324 by July 28, 2023.

Drawing insights from technical indicators, Coincodex noted that the current sentiment surrounding XRP is Neutral, signaling a balanced market sentiment among traders. 

An in-depth analysis of XRP’s performance revealed that it recorded 14 out of 30 green days, exhibiting a notable 23.20% price volatility. 

Furthermore, the Fear & Greed Index has reached 55, denoting a sense of greed prevailing in the market. Considering these factors, Coincodex declared that the current juncture presents an opportune moment to invest in XRP.

The Crypto Basic reported that experts have predicted XRP to reach $11 by 2025.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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