XRP Enjoys 11% Rally As Sharks & Whales Hit 2023 High Holdings
06 November 2023 - 1:00PM
NEWSBTC
On-chain data shows the XRP sharks and whales have been
accumulating as the recent rally in the token’s price has occurred.
XRP Sharks & Whales Are Backing The Current Rally In The Asset
According to data from the on-chain analytics firm Santiment, the
large XRP holders have participated in buying recently. The
relevant indicator here is the “Supply Distribution,” which
measures the percentage of the total supply that each investor
cohort in the market is holding in their wallets as a whole right
now. In the context of the current discussion, the 100,000 to 1
billion token group is of interest. This cohort naturally includes
all investors or addresses who are carrying at least 100,000 and at
most 1 billion XRP in their balance. Related Reading: Bitcoin Price
Plunge To $12,000 Is Not Foreseeable – Analyst Explains Why At the
time of writing, this range converts to about $69,000 at the lower
end and $690 million at the upper end. The holders that carry such
large amounts are popularly called the sharks and whales (with the
sharks obviously being the smaller cohort of the two). Here is a
chart that shows the trend in the Supply Distribution specifically
for these sharks and whales over the past few months: Looks like
the value of the metric has registered some increase in recent days
| Source: Santiment on X As displayed in the above graph, the XRP
sharks and whales addresses hit a low last month at the same time
as the asset’s ratio with Bitcoin had reached a bottom. At these
low prices, the cohorts participated in some rapid accumulation,
leading to their holdings shooting up. In the period since this
buying started, the cryptocurrency has enjoyed a sharp rally. From
the chart, it’s also visible that the sharks and whales aren’t done
with the asset just yet despite all the price increases it has
already seen so far, as their holdings have continued to trend up
recently. After the latest rise in the indicator, these humongous
entities now control about 45.8% of the entire circulating supply
of the asset, which is the highest level for the year 2023. During
the last 24 hours, XRP has registered a further 11% uplift and so
far, the sharks and whales haven’t shown any reaction to it.
Further buying or even sideways movement at these highs would
naturally be an optimistic sign for the asset. Related Reading:
$113 Million In Longs Get Rekt As Bitcoin Plunges Back To $34,000
One obstacle that the coin could face, though, is the social
dominance spike that it has just seen with the latest leg in the
rally. The “social dominance” is a metric that tells us how the
social media talk related to XRP currently compares against that of
the top 100 coins by market cap. As is visible in the graph, this
indicator has now hit its highest point since mid-July, suggesting
that the coin is receiving considerable attention right now.
Historically, such hype has often not been a good sign for rallies,
as tops have become more probable to form in these conditions. XRP
Price Following the latest rise, XRP has managed to break through
the $0.69 mark for the first time since the start of August. The
value of the asset has been going up during the past few days |
Source: XRPUSD on TradingView Featured image from Sense Atelier on
Unsplash.com, charts from TradingView.com, Santiment.net
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