XRP Whales and Dolphins Drive Up Holdings to New Highs as Price Soars 19%
Data on the blockchain reveals that XRP whales and dolphins have expanded their holdings to reach a new all-time high (ATH), with a significant 10% surge in August.
Analytics firm Santiment’s data shows a notable increase in the holdings of XRP whales and dolphins. The “Supply Distribution” metric is used to measure the total amount of the cryptocurrency held by different wallet groups.
Wallets are categorized based on the number of coins they hold. For example, a wallet holding 5 XRP would be in the 1 to 10 coins group.
Of particular interest in this context is the cohort with 10 million to 100 million XRP tokens. At current exchange rates, this range translates to a value between $6.13 million and $61.30 million.
Entities falling into this group are among the largest holders in the XRP sector. They would encompass the higher end of the dolphins and the lower end of the whales.
The more coins an entity holds, the higher their influence on the network. Therefore, monitoring the behavior of these large holders can provide insights into potential market impact.
As shown in the graph above, XRP whales and dolphins have significantly increased their holdings in recent days. Alongside this accumulation, the asset has experienced a rebound in price, with a particularly large surge occurring in the past 24 hours.
This recent price increase is attributed to Ripple’s legal victory against the US Securities and Exchange Commission (SEC), resulting in a reduced fine payment of $125 million instead of the originally sought $2 billion.
Interestingly, a majority of the whale and dolphin accumulation occurred prior to the news, suggesting that big-money investors may have anticipated the outcome.
The Supply Distribution for the 10 million to 100 million coins group has now reached a new ATH, with investors in this cohort holding approximately 7.06 billion XRP, valued at around $4.3 billion currently. This represents a more than 10% increase in August alone.
The chart also includes another indicator, Social Dominance, which indicates the percentage of social media discussions related to the top 100 cryptocurrencies that a particular asset occupies.
Notably, XRP has seen a significant spike in Social Dominance, likely due to discussions surrounding the closure of the Ripple case and the subsequent price rally. However, excessive hype historically hasn’t boded well for the coin’s price.
XRP Price
XRP has nearly fully recovered from the drawdown that began at the end of July, as its price has returned to $0.61.