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HomeCrypto NewsMarketXRP Holders With 1M To 10M XRP Rapidly Accumulating, Setting New All-Time Highs

XRP Holders With 1M To 10M XRP Rapidly Accumulating, Setting New All-Time Highs

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XRP whales and sharks are rapidly accumulating as the year ends.

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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.

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.

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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.

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.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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