At a time when the cryptocurrency market is experiencing ups and downs, the fifth largest crypto in the world, XRP, has attracted attention. And it is not just because of its recent increase in value, but because of the considerable volume accumulated by large investors, often nicknamed “whales” and “sharks”.
For those who follow the scenario closely, the movement around XRP is nothing new. According to recent information, the amounts of XRP held by these large investors have in recent weeks reached their highest level in three months. This may indicate a strengthening strategy or even an expectation that the currency may perform even more significantly in the near future.
The addresses associated with these “whales” and “sharks”, which hold between 10,000 and 10 million XRPs, are growing at a rapid pace. This increase caused these holdings to reach their highest levels since July 27th. The representation of this accumulation is no less than 29.5% of the total supply of XRP on the market.
🐳📈 #XRPLedger enjoyed its first jump above $0.53 in 10 days despite most #altcoins continuing to decline. The rise can largely be attributed to the ‘smart money’ tiers, holding between 10K to 10M $XRPaccumulating rapidly. They hold 29.5% of the supply. https://t.co/KULxMtMGRL pic.twitter.com/LTzFcrwG3f
— Santiment (@santimentfeed) October 20, 2023
And anyone who thinks this movement is just a coincidence is mistaken. The accumulation of XRP by these investors occurred exactly in the same period in which relevant news circulated through the market. One of the most impactful was the decision by the United States Securities and Exchange Commission (SEC) to dismiss its case against Ripple CEO Brad Garlinghouse and Chairman Chris Larsen.
At the time of publication, the price of XRP was listed at $0.522489 with no gains in the last 24 hours.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.