Is XRP Staging a Recovery? Largest Whales Continue Accumulating in Prepartion of Ripple Bull Run

2023-08-21 12:44:56

Ripple’s XRP went through a major crash during the past few days, but the largest whales (read: the addresses that hold most XRP) continue preparing for the next Ripple bull run by accumulating massive numbers of the token.

Ripple’s most devoted holders continue to accumulate large numbers of XRP, according to data from Santiment – the popular cryptocurrency analytics platform.

Source: X* The above chart shows the wallets which hold between 10 million and 1 billion XRP. In other words, some of the largest XRP holders.

There is a total of 221 addresses that fit this deion, and they currently hold a whopping 16.13 billion XRP. At today’s prices, this is worth around $8.7 billion. This is close to 30% of the total market capitalization of the cryptocurrency.
One possible reason for their continuous support could be the anticipation of an incoming bull market for Ripple.
This would be largely predicated on broader market conditions, but for XRP specifically, the outcome of the case against the US Securities and Exchange Commission will likely influence the future trajectory of the price as well.
AsCryptoPotato reported earlier, September 1st is the upcoming deadline by which Ripple has to react to the latest actions by the SEC.

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