The amount of XRP being held by XRP’s richest investors has surged to its highest level in three months. According to crypto analytics portal Santiment, XRP sharks and whales aggressively loading up comes as the fifth-largest crypto enjoys a remarkable upsurge during the past day.
XRP Sharks And Whales Ramp Up Accumulation
Santiment says deep-pocketed investors are accumulating huge amounts of XRP.
The blockchain sleuth says whale and shark wallets holding between 10,000 and 10 million XRP are accumulating rapidly, raising their net holdings to the highest levels since July 27. This accumulation by the cohort represents 29.5% of the total XRP supply.
#XRPLedger enjoyed its first jump above $0.53 in 10 days despite most #altcoins continuing to decline. The rise can largely be attributed to the ‘smart money’ tiers, holding between 10K to 10M $XRP, accumulating rapidly. They hold 29.5% of the supply. https://t.co/KULxMtMGRL pic.twitter.com/LTzFcrwG3f
— Santiment (@santimentfeed) October 20, 2023
This period of XRP accumulation coincides with the token’s latest price rally caused by the United States Securities and Exchange Commission (SEC) voluntarily dismissing its lawsuit against Ripple CEO Brad Garlinghouse and chairman Chris Larsen.
The dropped charges mark the third consecutive legal win for Ripple in the lawsuit with the SEC. In July, Judge Analisa Torres ruled that the Wall Street regulator had failed to conclusively prove XRP transactions broke securities laws. The SEC also lost an appeal aiming to reverse that decision in October.
XRP is changing hands at $0.5202 by press time, an increase of 7.2% over the past 48 hours, according to CoinGecko.
Full-Fledged XRP Pump Underway?
It is very obvious that XRP’s so-called whales and sharks are on a targeted mission to help revive the price of the coin and, perhaps, take it to a new record high. Accumulation, particularly continuous accumulation, always precedes a significant price rally, and, as such, XRP whales and sharks may be instrumental in driving the coin’s price higher.
However, the jury’s very much out on when XRP will begin its recovery back to $1. But if this strong accumulation continues, then it’s only a matter of time before the token rises above the elusive $1 mark before eventually reaching $10.
