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XRP Whales Accumulated 190 Million Coins in Last 3 Months

Sat, 12/11/2021 - 19:17
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Arman Shirinyan
Last few weeks were tough for cryptocurrency market, but XRP whales used these conditions to accumulate even more
XRP Whales Accumulated 190 Million Coins in Last 3 Months
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With the global correction on the cryptocurrency market, numerous networks went through a strong correction on the market. But while some traders took losses and moved on, whales have been actively accumulating and increasing their positions with a discount.

Santiment data

According to a chart of holdings on addresses with more than 1 million XRP coins, whales have added more than 6% to their previous holdings and are currently sitting on 3.3 billion XRP, which is worth approximately $2.6 billion.

XRP's strong accumulation trend began in December of the previous year with only 5.6% of addresses remaining in the whale tier. The local peak for the percentage of large wallets was reached in July before whales distributed 0.5% of their holdings.

The new accumulation trend began in September when the number of wallets holding from 1 to 10 million coins on the network reached 5.8%. Currently, whales are accountable for 6.1% of all wallets on the network.

On-Chain Data Indicates XRP Price Is "Suppressed" and Has Room to Grow

According to the price history, XRP tends to have an inverse correlation with the indicator, which means that the percentage of whales on the network increases whenever the price drops continuously or instantly.

Asset's market performance

According to the latest market data, XRP has been continuously losing its value over the last month and even reached a 54% loss after testing the local bottom of $0.62, which is the lowest point for the asset since July.

XRP Daily Trading Chart
Source: TradingView

At press time, XRP is trading at $0.82 and shows 0.4% daily growth. Earlier this week, the asset retraced after the 23% rally begun on Dec. 6.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.