XRP whales and sharks are rapidly accumulating as the year ends.
XRP big bag holders with holdings within 1 million to 10 million XRP have been rapidly accumulating, Santiment Feed said in a tweet yesterday.
Santiment says there are now 1,617 addresses in this category, holding 7.23% of the XRP supply. According to the crypto analytics firm, these XRP sharks and whales have set new highs for the sheer number of addresses and the percentage of the supply they control.
?? #XRPNetwork whale and shark addresses that share the 1M to 10M $XRP tier have been rapidly accumulating to end 2022. In December, both the amount of these sized addresses (1,617) and their percentage of supply held (7.23%) have hit a new #AllTimeHigh. https://t.co/R8bDPUviq1 pic.twitter.com/4GyrMPxYPV
— Santiment (@santimentfeed) December 20, 2022
Recall that whales have moved large volumes of the token in the past week totaling over 1 billion XRP, as reported by The Crypto Basic. However, as detailed in the report, most of these transactions involved exchanges.
The reason for the recent accumulation highlighted by Santiment is not specified. But it is worth noting that accumulation is generally bullish in the crypto markets as it implies that these big bag holders expect the asset price to rally in the short term. Consequently, a price surge usually follows accumulation by whales.
It bears mentioning that some in the XRP community expect a big announcement from Ripple in the next few days. Comments from Ripple’s chief technology officer David Schwartz in response to Charles Hoskinson attacking XRP fuel these speculations. Schwartz implied that Hoskinson might see things differently in a few days, causing some to speculate that Ripple has a big announcement lined up.
You may want to wait a few days, read this tweet back, and think about whether you're sure that's the combination of things you really want to say.
— David "JoelKatz" Schwartz (@JoelKatz) December 19, 2022
Meanwhile, 2023 has the potential to be a bullish year for XRP, regardless of bearish market conditions. This is because pundits like James K. Filan expect the judge to give a ruling in the US Securities and Exchange Commission case against Ripple in Q1 2023. A favorable ruling for Ripple could see XRP gain re-entry into US markets.
At press time, XRP is trading at the $0.341 price point, down 12.72% in the last seven days.
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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