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70.8 Million XRP Found in Wallets of These Investors

Fri, 02/10/2023 - 16:00
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Gamza Khanzadaev
Dozens of millions of XRP end up in wallets of these cryptocurrency whales
70.8 Million XRP Found in Wallets of These Investors
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According to WhaleStats, there are more than 70.8 million XRP in the accounts of BNB and other assets on the network of the same name. Given the current token price of $0.38 per XRP, that volume can be estimated at $27.34 million.

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XRP currently accounts for 2.41% of the combined portfolio of the top 100 investors in this category. It is also important to clarify that BNB whales hold wrapped tokens, namely the Binance-Peg XRP Token. A total of 277 million such tokens are in circulation, with the number of holders at 261,566 addresses.

How far ahead are whales looking?

It does not seem like the whales' accumulation of such a large volume in XRP is due to expectations of quick profits, given that the token has only grown by 20% since the start of the year. Yes, after more than a year of a bear market, such numbers seem quite pleasing, but compared to Bitcoin's (BTC) price action over the same period, it seems small.

Millions of XRP on Move, What Are Whales Up To?

In this way, one might think that XRP buying by whales is of a longer-term nature. It can be assumed that the big money's sights are set on the possible resolution of litigation between Ripple and the SEC during the first half of 2023. The crypto company itself expressed the hope of ending its three-year-long legal battle in the next six months in its latest quarterly report.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.