XRP Whales Have Gone on a Large Shopping Spree, a sign that could be bullish for the cryptocurrency's price

On-chain data shows the XRP whales have gone on a large shopping spree recently, a sign that could be bullish for the cryptocurrency's price.

On-chain data picked up by an analyst from X might be signaling bullish news for XRP. As highlighted by the Santiment metric, XRP whales have shown a net expansion in their holdings over the last ten days.

According to the new analysis, XRP whales have shown a net addition of 380 million XRP (around $223 million at press time) to their wallets over the last ten days. This recent buying spree from the whales had started to show up on the firm’s “Supply Distribution” indicator about ten days ago.

The indicator tells us about the amount of XRP that a given wallet group is currently holding. Here, the addresses or investors are placed into these cohorts based on the total number of coins that they are carrying in their balance.

For instance, the 1 to 10 coins group includes all holders who own between 1 and 10 XRP. So, continuing in this manner, the whale cohort that we are interested in here includes all entities carrying between 10 million and 100 million XRP.

At the current exchange rate, the lower end of this range comes out to be $5.8 million, while the upper one is around $58 million. Generally, the more supply that an entity controls, the greater influence they have in the market.

So these investors, who clearly have very large holdings, would be among the most powerful. Their individual moves may still not be relevant for the cryptocurrency, but the cohort’s collective behavior certainly can cause ripples in the market.

If nothing else, watching this group can at least provide information about what the sentiment among these large hands is.

Here is the chart shared by the analyst, which shows the trend in the XRP Supply Distribution specifically for the whales over the last few months:

XRP Whale Holdings Trend ( Santiment)

From the above chart, we can see that the XRP whales have seen their combined holdings shoot up recently. And as mentioned earlier, these investors added a net 380 million XRP to their wallets over the last ten days.

The most aggressive part of this buying spree had come while the asset was trading around the $0.53 level, which suggests that these investors thought the asset to be offering a profitable buying opportunity at this price.

And indeed, soon after this accumulation, XRP started on a 10% recovery run. From the chart, it’s apparent that whale buying had similarly fueled the asset’s surge in the first third of August as well.

The whales have continued to buy more coins over the last few days, so it’s possible that the cryptocurrency could see a continuation of the rally in the near future.

However, a reversal in the Supply Distribution of the whales is something to keep an eye on, as it may spell a bearish outcome for the token instead, since it would mean that the whales are now selling.

XRP PriceA glance at the price chart shows that XRP is currently trading around $0.587, up almost 4% over the last week.

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