XRP Surges 10% As Whales Participate In $300 Million Buying Spree

Name	Symbol	Market	Market Cap ($)	Algorithm
SHIBA INU	SHIBUSD	Crypto	10,017,395,764	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

SHIBA INU

SHIBUSD

Crypto

10,017,395,764

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.00000100	-5.56%	0.000017	0.000017	0.000017

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.00000100

-5.56%

0.000017

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.000018	0.000017	0.000018	0.000018	0.00000674 - 0.000048

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.000018

0.000017

0.000018

0.00000674 - 0.000048

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	18:18:11	39,375,000.00	0.000017	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

18:18:11

39,375,000.00

0.000017

USD

Price x Volume	Volume	Base Symbol	Related Pairs
9,287,120.77	158,492,382,324.19	SHIB	SHIBEUR	SHIBGBP	SHIBBTC

Price x Volume

Volume

Base Symbol

Related Pairs

9,287,120.77

158,492,382,324.19

XRP Surges 10% As Whales Participate In $300 Million Buying Spree

01/10/2024 2:00am

NEWSBTC

On-chain data shows the XRP whales have participated in a significant amount of buying recently, a potential reason behind the asset’s surge. XRP Whales Have Added 470 Million Tokens To Their Supply Recently As explained by analyst Ali Martinez in a new post on X, the XRP whales have expanded their holdings over the last 10 days. The indicator of relevance here is the “Supply Distribution” from the on-chain analytics firm Santiment, which keeps track of the total amount of tokens that a given wallet group is carrying right now. Addresses or investors are put into these groups based on their current balance. Wallets with 5 coins, for instance, fall inside the 1 to 10 coins group. In the context of the current topic, the whale entities are the addresses of interest. Related Reading: Bitcoin Breaks $66,000, But Analyst Warns Against Fresh Longs—Here’s Why This group’s range is typically defined as 100 million to 1 billion XRP. At the current exchange rate, the lower end of this range converts to around $63.1 million, while the upper one to $631 million. Generally, the influence of any entity on the network goes up the more holdings that they carry, so the whales, who have quite the humongous balance, would carry some degree of power. As such, the behavior of these investors can be worth keeping an eye on, because even if it may not directly impact the price, it can at least tell us what the sentiment among this cohort is like. Now, here is a chart that shows the trend in the Supply Distribution of the XRP whales over the past several days: As displayed in the above graph, the supply of the XRP whales has registered a notable increase recently. More specifically, these humongous investors have added more than 470 million (almost $300 million) tokens to their wallets during the last ten days or so. From the chart, it’s visible that the bulk of this buying had come while the asset had still been trading around the $0.58 mark, suggesting that the whales believed the level to be offering a profitable window into the coin. The bet of these investors has clearly paid off, as the cryptocurrency’s price has increased from below the $0.59 mark to above the $0.63 level over the past weekend. Related Reading: Shiba Inu Rallies 34%, But Will FOMO End The Rally? While things have been going well for the coin so far, the indicator could be to keep an eye on in the near future, as what this cohort would do next can end up reflecting in the asset’s price once again. Naturally, if the indicator continues to go up, it will be a bullish sign for XRP since it would imply the whales are supportive of a further surge. On the other hand, a decline could be bad news, as it would mean the whales are participating in profit-taking. XRP Price At the time of writing, XRP is trading around $0.631, up 8% over the past week. Featured image from Dall-E, Santiment.net, chart from TradingView.com

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