• Fri. Jun 21st, 2024

Santiment’s Report Claims that Whales Continue to Accumulate XRP

Hassan Mehmood

ByHassan Mehmood

Mar 8, 2022

During the last few weeks, red candles have decorated the cryptocurrency market across the board. Under the circumstances, most investors are lying dormant following the HODL philosophy, or they are trying the sell their cryptocurrency reserves as soon as possible. However, one token has become overly popular among traders despite the crypto winter.

The token is XRP has created a considerable amount of hype in the crypto community at present. The main reason for the market speculation and increase in online mentions is the massive acquisition of the XRP tokens by a gam of whale investors. Since the start of the current year, big players have invested around $1 billion worth of XRP tokens into their portfolios.

Santiment is an on-chain cryptocurrency market aggregator and sentiment gauging service. The platform keeps an eye on the confidence and fear surrounding a particular cryptocurrency among investors. Recently, Santiment published a detailed review on the matter of Whale XRP accumulation.

The report indicated that the whales are taking pains to ensure a mass consumption of the XRP token. The analytics service also claimed that in the same period, the XRP reserves of these whale investors have increased by 76% since January this year. Furthermore, during this time, whales have purchased around 897 million XRP worth $712 million at the current market value.

At press time, the XRP token is trading for $0.7 due to the onslaught of market-wide price depression. Despite the massive whale shopping spree, the token is unable to get out of its $1 resistance zone. And it is still a considerable distance away from its last ATH of $3.84. However, the token has managed to leave behind ADA token ranking at 6th position on the cryptocurrency leaderboard with a market cap of $35 billion.

Meanwhile, reports about Bitcoin accumulation during the last few weeks indicate that the digital wallet addresses holding more than 1000 BTC units have continued to purchase more tokens during the dip. During the same period, the number of digital wallet addresses with more than 1K BTC units increased to an ATH of 2,334.

Hassan Mehmood

Hassan Mehmood

Hassan Mehmood, a valued writer at Big Trends Signals, uses his profound online trading expertise to produce in-depth guides and unbiased reviews, enabling traders to navigate digital marketplaces efficiently.

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