XRP whales have procured over 1.6 billion tokens over the past two weeks, as the market shows early signs of a recovery.
After dropping to a low of $1.25 on Sept. 16, XRP embarked on a rebound campaign that built on the momentum witnessed between Aug. 19 and 23. The rebound continued until the $1.6569 local top on Sept. 23, before a pullback ensued.
XRP Whales Add 1.6B+ XRP
Now, fresh data shows that during the recovery effort, large XRP whales went on a shopping spree, accumulating more tokens. Specifically, whales holding between 10 million and 100 million XRP have added more than 1.6 billion tokens to their cumulative balance in the past two weeks.
Data sourced by market intelligence platform Santiment confirms this. Notably, as of Sept. 20, amid the price recovery push, these XRP whales held a cumulative balance of 12.32 billion tokens worth an excess of $17.3 billion at the time. Before then, their figure had ranged between 12.1 billion and 12.5 billion XRP.
However, an accumulation pattern emerged shortly after, with these whales increasingly adding to their balance. By Sept. 25, the figure had spiked to 13.74 billion XRP, marking an increase of 1.42 billion XRP or $2.21 billion within just five days.
The campaign paused at this point, with some distribution recorded in the days that followed. By the end of September, these whales picked up the pace again, pushing their cumulative balance to the current 13.93 billion XRP ($20.61 billion) at press time.
This indicates that these XRP whales have accumulated exactly 1.61 billion XRP, currently worth $2.38 billion, since Sept. 20, two weeks ago. In addition, the current 13.93 billion XRP figure represents their largest XRP balance ever in history, as they continue to increase their share of the circulating XRP supply.
A Surge in Whale Addresses
Meanwhile, the XRP market has also been recording a surge in whale addresses alongside the growing whale balance.
Further on-chain data shows that whale addresses holding between 10 million and 1 billion XRP tokens have seen rapid growth since August. Specifically, as of Aug. 19, when the broader uptrend began, only about 355 addresses held balances between 10 million and 1 billion XRP.
At press time, this figure has increased to 392, indicating that 37 wallets joined the elite tier of XRP addresses within the past six weeks. Of this figure, addresses holding between 10 million and 100 million XRP increased from 316 to 351, while those with 100 million to 1 billion tokens rose from 39 to 41.
Notably, wallets holding 100 million to 1 billion XRP tokens first spiked to 47 within a month from Aug. 19. However, the figure began to drop from Sept. 19 and has since declined to the current 41. Meanwhile, those with 10 million to 100 million XRP have seen a consistent increase since Aug. 19.
While the accumulation spree has slowed down amid the ongoing pullback, the recent campaign confirms the confidence in XRP’s broader recovery effort among large whales. If the correction persists, this buying pressure could help XRP maintain key support levels.