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The number of mega XRP whale wallets holding over 100 million XRP, equivalent to a staggering $74 million, has surged to an unprecedented 199, reports Santiment. According to data, this marks the highest number of such wallets since May 13, signifying a notable rise in investor interest and making XRP a top trending topic in July.
As depicted in the chart by Santiment, the surge in mega XRP wallets coincided precisely with a momentous event on July 13, when the court finally clarified the token's nonsecurity status. At that time, the number of whale wallets holding the cryptocurrency stood at 196.
Over the following days, this number continued to ascend with only occasional and insignificant decreases. Presently, the number of mega whales has reached its peak, standing at a total of 199, despite the price of XRP experiencing a 23% correction over these 11 days.
Pros and cons
This substantial increase in the ranks of XRP holders could potentially provide strong support for the token's price. Despite the recent double-digit correction, XRP remains within the bullish trend initiated by the pump.
The influx of large investors and the consolidation of their holdings could be interpreted as a vote of confidence in XRP's future prospects, indicating that many believe in the token's potential for further growth.
However, this influx of mega whales also poses significant risks to the cryptocurrency's price stability. Should the price of XRP fail to sustain its growth or, worse yet, experience a decline, the added pressure from these substantial investors could lead them to sell their holdings, triggering a potential collapse of the market.
This delicate balance between bullish sentiment and potential selling pressure demands vigilant monitoring in the days to come.
Yuri Molchan
Denys Serhiichuk
