{"id":631183,"date":"2024-07-24T06:00:26","date_gmt":"2024-07-24T06:00:26","guid":{"rendered":"https:\/\/wncen.com\/?p=631183"},"modified":"2024-07-23T16:19:09","modified_gmt":"2024-07-23T16:19:09","slug":"xrp-whales-84-million-buying-spree-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/xrp-news\/xrp-whales-84-million-buying-spree-rally\/","title":{"rendered":"XRP Whales Go On $84 Million Buying Spree: Rally To Continue?"},"content":{"rendered":"

On-chain data shows the XRP whales have participated in a large accumulation in the past week, which could be bullish for the asset’s price.<\/p>\n

XRP Whales Bought More Than 140 Million Tokens Over The Past Week<\/h2>\n

As explained by analyst Ali Martinez in a new post<\/a> on X, the XRP whales have increased their supply share recently. The on-chain indicator of relevance here is the “Supply Distribution<\/a>” from the analytics firm Santiment, which tells us about the total amount of tokens a given wallet group holds.<\/p>\n

The addresses or investors are divided into these groups based on the number of coins they carry in their balance. For instance, the 1 to 10 coins cohort includes all wallets that own at least one and at most ten tokens of the asset.<\/p>\n

Related Reading: Chainlink (LINK) Forms Signal That Last Led To 123% Rally<\/a><\/div>\n

If supply distribution is applied to this group, it would tell us the amount of supply that such addresses hold to satisfy this condition.<\/p>\n

In the context of the current discussion, the whales<\/a> are the cohort of interest, which may be defined as the holders who own between 1 and 10 million XRP. At the latest exchange rate, this range converts to $600,000 at the lower end and $6 million at the upper one.<\/p>\n

These investors are quite large. The influence of any entity in the market generally increases with the more assets they hold, so the whales, with their massive holdings, can be considered influential beings.<\/p>\n

As such, what this cohort is doing can be worth keeping an eye on, as it can at least provide hints about the sentiment among these humongous holders.<\/p>\n

Below is the chart shared by the analyst that shows the data in the Supply Distribution for this group.<\/p>\n

\"XRP
The value of the metric appears to have been rising over the last few days | Source: @ali_charts on X<\/a><\/figcaption><\/figure>\n

As displayed in the above graph, the supply held by the XRP whales has been observed to jump significantly over the past week. These investors have added 140 million tokens (worth more than $84 million) to their holdings inside this window.<\/p>\n

This accumulation spree from the cohort has come while the cryptocurrency has already been trading at relatively high levels following its latest recovery rally<\/a>. Thus, the buying would suggest that the whales believe there is potential for further rise.<\/p>\n

Related Reading: Last Resistance: Bitcoin Now Testing Final Short-Term Holder Cost Basis<\/a><\/div>\n

It now remains to be seen whether the bet of these humongous holders works out, with the price continuing its rally. However, the metric may be to monitor in the coming days, as any drawdowns in it can prove bearish instead.<\/p>\n

XRP Price<\/h2>\n

At the time of writing, XRP has been trading around $0.60, up almost 4% over the last seven days.<\/p>\n

\"XRP
Looks like the coin’s value has registered a notable increase over the last couple of weeks | Source: XRPUSD on TradingView<\/a><\/figcaption><\/figure>\n
Featured image from Dall-E, Santiment.net, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

On-chain data shows the XRP whales have participated in a large accumulation in the past week, which could be bullish for the asset’s price. XRP Whales Bought More Than 140 Million Tokens Over The Past Week As explained by analyst Ali Martinez in a new post on X, the XRP whales have increased their supply share recently. The on-chain indicator of relevance here is the “Supply Distribution” from the analytics firm Santiment, which tells us about the total amount of tokens a given wallet group holds. The addresses or investors are divided into these groups based on the number of coins they carry in their balance. For instance, the 1 to 10 coins cohort includes all wallets that own at least one and at most ten tokens of the asset. Related Reading: Chainlink (LINK) Forms Signal That Last Led To 123% Rally If supply distribution is applied to this group, it would tell us the amount of supply that such addresses hold to satisfy this condition. In the context of the current discussion, the whales are the cohort of interest, which may be defined as the holders who own between 1 and 10 million XRP. At the latest exchange rate, this range converts to $600,000 at the lower end and $6 million at the upper one. These investors are quite large. The influence of any entity in the market generally increases with the more assets they hold, so the whales, with their massive holdings, can be considered influential beings. As such, what this cohort is doing can be worth keeping an eye on, as it can at least provide hints about the sentiment among these humongous holders. Below is the chart shared by the analyst that shows the data in the Supply Distribution for this group. As displayed in the above graph, the supply held by the XRP whales has been observed to jump significantly over the past week. These investors have added 140 million tokens (worth more than $84 million) to their holdings inside this window. This accumulation spree from the cohort has come while the cryptocurrency has already been trading at relatively high levels following its latest recovery rally. Thus, the buying would suggest that the whales believe there is potential for further rise. Related Reading: Last Resistance: Bitcoin Now Testing Final Short-Term Holder Cost Basis It now remains to be seen whether the bet of these humongous holders works out, with the price continuing its rally. However, the metric may be to monitor in the coming days, as any drawdowns in it can prove bearish instead. XRP Price At the time of writing, XRP has been trading around $0.60, up almost 4% over the last seven days. Featured image from Dall-E, Santiment.net, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":631204,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[89561],"tags":[4531,87733,92171,88627,86043,10972],"class_list":["post-631183","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-xrp-news","tag-xrp","tag-xrp-accumulation","tag-xrp-buying","tag-xrp-rally","tag-xrp-whales","tag-xrpusd"],"acf":[],"yoast_head":"\nXRP Whales Go On $84 Million Buying Spree: Rally To Continue?<\/title>\n<meta name=\"description\" content=\"Data shows the XRP whales have participated in a large amount of buying in the past week, a sign that could be bullish for the asset's price.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"XRP Whales Go On $84 Million Buying Spree: Rally To Continue?","url":"http:\/\/wncen.com\/xrp-news\/xrp-whales-84-million-buying-spree-rally\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/xrp-news\/xrp-whales-84-million-buying-spree-rally\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/xrp.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/xrp.png?fit=1792%2C1024"},"articleSection":"XRP News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["xrp","xrp accumulation","xrp buying","xrp rally","xrp whales","xrpusd"],"dateCreated":"2024-07-24T06:00:26Z","datePublished":"2024-07-24T06:00:26Z","dateModified":"2024-07-24T06:00:26Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"XRP Whales Go On $84 Million Buying Spree: Rally To Continue?\",\"url\":\"http:\\\/\\\/wncen.com\\\/xrp-news\\\/xrp-whales-84-million-buying-spree-rally\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/xrp-news\\\/xrp-whales-84-million-buying-spree-rally\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/xrp.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/xrp.png?fit=1792%2C1024\"},\"articleSection\":\"XRP News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"xrp\",\"xrp accumulation\",\"xrp buying\",\"xrp rally\",\"xrp whales\",\"xrpusd\"],\"dateCreated\":\"2024-07-24T06:00:26Z\",\"datePublished\":\"2024-07-24T06:00:26Z\",\"dateModified\":\"2024-07-24T06:00:26Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/xrp.png?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/631183"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=631183"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/631183\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/631204"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=631183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=631183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=631183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}