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On-chain data shows a key XRP sharks and whales group has been accumulating recently, a sign that could be positive for the asset’s price.
XRP Whales And Sharks With 1M-10M Tokens Now Hold All-Time High Supply
As per data from the analytics firm Santiment, 7.23% of the total XRP supply is now held by this key investor group. The relevant indicator here is the “Supply Distribution,” which tells us how the total supply is distributed across the different wallet groups in the market right now.
These “wallet groups” are bands that define ranges between which the number of coins held by wallets belonging to a particular group lies in. For example, the “100-1,000 coins” group includes all addresses that are holding at least 100 and at most 1,000 XRP tokens.
The Supply Distribution metric has two versions; one shows the number of wallets (or more simply, the number of holders) belonging to each cohort, while the other measures the supply percentages contributed by each group. Now, here is a chart that shows data for both these Supply Distribution metrics for the 1M-10M coins band:
Looks like the values of both these metrics have climbed up in recent days | Source: Santiment
The 1M-10M coins band is an important cohort for XRP as it includes both sharks and whales. Though, the largest whales aren’t included in this group, as the upper level of the band is just 10 million tokens, which is worth around $3.4 million at the current exchange rate.
From the graph, it’s apparent that the number of investors belonging to this key group has gone up recently, and the metric’s value now stands at 1,617, which is an all-time high. The percentage of the total XRP supply held by this cohort has observed an even sharper uptrend this month, as these sharks and whales now account for around 7.23% of the total tokens in circulation, which is also a new record.
It would appear that these whales and sharks are looking to end the year 2022 with some heavy XRP accumulation, something that is likely to have a bullish effect on the crypto’s price in the long term.
XRP Price
At the time of writing, XRP’s price floats around $0.34, down 12% in the last week. Over the past month, the crypto has lost 5% in value.
The below chart shows the trend in the price of the coin over the last five days.
The value of the crypto seems to have not seen any significant movement during the last few days | Source: XRPUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net
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Image and article originally from newsbtc.com. Read the original article here.