These whale addresses, which hold between 10 million and 100 million XRP, were recently added to the Ripple network.
Investors are trooping into XRP, Ripple’s native token, as up to 50 whale addresses holding between 10 million and 100 million XRP have been added to the Ripple network in the past month.
Prominent crypto analyst Ali recently called public attention to the bullish pattern, citing data from Santiment, a market intelligence resource.
Over the past month, ~50 whales holding 10 million to 100 million $XRP have joined the #Ripple network.
These large investors have purchased around 420 million #XRP, worth $155.4 million, shows data from @santimentfeed. pic.twitter.com/6L3gBwbdiW
— Ali (@ali_charts) March 19, 2023
The Santiment chart reveals that the number of whale addresses holding from 10 million to 100 million XRP started seeing a massive uptick between Feb. 21 and 23. Before this sharp increase, these whale addresses were a little above 116 in number as of Feb. 16.
However, following the rapid surge, they grew to a peak of 176 before seeing a slight drop. Despite the decline, these addresses currently sit at 171 as of press time. This figure marks the highest value witnessed throughout this year.
Moreover, these addresses have massively augmented their total cumulative balance in the past month, amassing up to 420 million XRP, currently worth $161 million, within the time frame. This has resulted in a cumulative balance of 4.03 billion XRP valued at $1.54 billion against prevailing rates.
Furthermore, the total number of addresses on the Ripple network has surged to a current value of 4.625 million. Total addresses crossed the 4.6 million thresholds on March 1. Among these, up to 295 addresses currently hold XRP tokens worth at least $10 million, according to data from Messari. In addition, addresses holding at least $1 million worth of XRP have increased to 955.
XRP Price Action
Meanwhile, despite trailing behind other assets in the latest market-wide rally, XRP has managed to print gains in the past week, appreciating by 4%. The asset leveraged the uptrend to reclaim the $0.3950 point over the weekend but was summarily battered below the territory.
XRP is changing hands at $0.3830, registering a meager 0.15% gain in the past 24 hours. Its market cap towered over the $20 billion mark on Sunday but has so far slipped below the threshold, currently at $19.52 billion.
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