Recent findings reveal a decrease in whale activity on Ripple's XRP Ledger compared to the previous two years, recent data provided by Santiment shows. Despite the reduction in broader whale movements, prominent XRP Ledger addresses continue to bolster their holdings.
Whale address accumulation continues
According to Santiment, despite the dip in overall whale activity this year, wallets holding between 100K to 100M XRP have seen a rise in their accumulations.
Specifically, these wallets now collectively hold $7.89 billion in coins, up from $7.16 billion a year prior.
This data suggests that there might be reduced movement among larger players, but there's still a significant concentration of XRP among top-tier wallets.
This concentration of XRP in a relatively small number of wallets frequently raises concerns about the potential for centralized control.
The XRP price remains steady after large transfers
Despite an apparent dip in whale activity in the XRP Ledger, it's evident that significant transfers are still taking place.
Recent alerts showed a massive transfer of 30.3 million XRP, worth approximately $15.2 million, moving to Bitstamp, and another 50 million XRP, valued around $24.9 million, transferring from CryptoCom to an unknown wallet.
The transfers had little impact on the XRP price. The cryptocurrency's current price is approximately $0.500928, with a market cap of roughly $26.75 billion. Over the past 24 hours, XRP has seen a trading volume of about $823.3 million.
Tomiwabold Olajide
Arman Shirinyan
Godfrey Benjamin
