Data Shows Big Investors Purchasing Billions of XRP Since February

Amid the market volatility, on-chain data suggests wealthy XRP investors have continued to amass large amounts of XRP since late February.

XRP has been on a rollercoaster ride since the start of this year, hitting new highs and plummeting to surprising lows. However, amid this volatility, large investors have been persistently amassing more XRP tokens since February, on-chain data confirms.

Ali Martinez, a notable crypto chartist, first drew public attention to this bullish trend in a recent tweet.

#Ripple whales have purchased over 1.10 billion $XRP since late February, worth around $570 million! pic.twitter.com/Mx24jXOJ2Q

— Ali (@ali_charts) July 8, 2023

Citing data from the blockchain analytical tool Santiment, Ali pointed out that large whale investors (holding between 10 million and 100 million XRP) have accumulated a whopping 1.1 billion XRP tokens since late February. Per Ali, these tokens were valued at $570 million at the time of disclosure.

A look at Santiment’s XRP charts substantiates this claim. Notably, data suggests that these deep-pocketed addresses have augmented their collective balance since it dropped to a one-year low in late February.

XRP Investors on an Accumulation Spree

The balance of these whale addresses had plummeted to a low of 3.61 billion XRP tokens on Feb. 17. The last time their collective holding saw this value was in February 2022, when XRP was still changing hands between $0.6 and $0.9.

As XRP continued to drop from this lofty position, these whales procured more tokens at a discount over the months. However, they embarked on a selloff campaign from November 2022, which persisted until this February, eventually leading to the 3.61 billion XRP balance.

Following this drop in their balance, they engineered another accumulation trend. This accumulation campaign, sustained through market turbulence and rallies, has increased the collective balance on these addresses to the current value of 4.71 billion XRP.

At this rate, these investors have purchased 1.10 billion XRP in less than five months. The accumulation especially saw a marked uptick in late March amid bullish speculations surrounding the Ripple vs. SEC lawsuit. This contributed to XRP’s solo rally in March.

This accumulation trend has persisted amid the recent increasing interest in Bitcoin (BTC) and other crypto assets among institutional investors such as BlackRock, Wisdom Tree, and Invesco.

Besides these deep-pocketed investors, addresses holding less XRP have accumulated over the months. Santiment data confirms that addresses holding 10,000 to 1 million XRP have amassed 750 million XRP since mid-January.

Meanwhile, XRP has remained stagnant since plummeting below $0.50 on June 23. The asset has mostly traded between $0.46 and $0.49 since then. All attempts at recovering the $0.50 territory have been futile. XRP is currently changing hands at $0.4682, down 0.45% in the last 24 hours.