XRP Whale Accumulation Strong Despite Elon Musk-led Crypto Market Crash

LUCKNOW (CoinChapter.com) — As of Aug 21, the XRP price is up 20% three days after establishing its market low near $0.43. And it appears the token’s richest investors, called “whales,” are behind the recovery move.

According to Santiment, prominent XRP investors have recently engaged in buying activities. The key metric of interest is the “Supply Distribution,” shedding light on the current cumulative asset holdings across various holder groups in the market. 

The Santiment data reveals that 221 entities, which hold anywhere between 10 million and 1 billion XRP tokens each, possess 16.13 billion XRP tokens combined. As of the press time, their market value was around $8.71 billion.

XRP Whales Amass 1.01 Billion Tokens

Interestingly, on Aug 18, these deep-pocketed entities accumulated 1.01 billion XRP tokens, bringing their combined holdings to an extraordinary 11.03 billion XRP.

In contrast, smaller addresses holding 10 million to 100 million XRP tokens displayed a more gradual accumulation trajectory.

These investors strategically bolstered their positions over a recent period spanning from Aug 13 to the present. They accumulated an impressive 200 million tokens in the process. Consequently, their cumulative holdings now stand at a substantial 5.08 billion XRP.

The connection between the strategic accumulation patterns and the modest growth in XRP’s price is evident.

Despite the price surge hovering around $0.43 per XRP, it piqued the interest of significant investors. This particular price point, achieved following recent upheavals in the broader crypto market, has garnered favor among larger investors as a relatively secure position for risk management.