Smart Money Comes In as XRP Wallets Holding 10K to 10M XRP Hit 2 Month Accumulation High
XRP wallets have continued to amass more tokens as addresses holding between 10,000 and 10 million XRP increase their cumulative balance to 29.5% of XRP’s supply amid rising social dominance.
This category of addresses, often dubbed the ‘smart money tiers,’ has been accumulating spontaneously since the start of October, according to leading crypto behavior analytics resource Santiment.
An Accumulation Spree
The on-chain analytical platform disclosed that these addresses now hold 29.5% of XRP’s supply. The current cumulative holding represents their highest balance in over two months. Santiment noted that they last held this rate on July 27.
Data from an accompanying chart shares further insight into the behavior of these wallets. Notably, they have been accumulating and selling off XRP tokens amid the prevalent price swings. The last time they dumped a large portion of their balance was on Oct. 3, when XRP rallied to a high of $0.5479.
However, as XRP dropped from this high in subsequent days, these wallets again embarked on a buying spree in what appears to be an elaborate buy-the-dip campaign. They have accumulated more tokens, amassing over 85.5 million XRP since then.
Their collective balance of 29.5% of XRP’s supply has been due to the latest buying trend. Considering XRP’s current circulating supply of 53.4 billion tokens, these wallets’ holdings amount to a whopping 15.76 billion XRP worth $8.17 billion against prevailing rates.
XRP Sees Increased Social Dominance
Santiment’s latest disclosure also highlighted a rapid surge in XRP’s social mentions. Interestingly, XRP recently recorded a spike in mentions, leading to increased social dominance. At the time of Santiment’s disclosure, XRP’s social dominance had risen to 2.56%, the second most considerable rate this month.
However, XRP’s social mentions have continued to increase since the report from Santiment. The Crypto Basic found that the asset’s social dominance has increased to 4.83%, representing the largest figure since July.
The recent uptick in social dominance was triggered by a third victory for Ripple in the ongoing SEC lawsuit. The U.S. regulatory agency dropped its charges against Ripple’s executives Brad Garlinghouse and Chris Larsen yesterday.
XRP rallied in response to the development. Interestingly, the sustained accumulation trend from whale and shark addresses also compounded this rally, according to Santiment. XRP trades at $0.5187, up 8.41% over the past 24 hours.