Santiment Feed stated in a tweet yesterday that XRP big bag holders with holdings between 1 million and 10 million XRP have been steadily accumulating.
Santiment reports that there are currently 1,617 addresses in this category, and they possess 7.23% of the available XRP. The crypto analytics company claims that these XRP sharks and whales have achieved new records for both the volume of addresses and the share of the supply they hold.
Keep in mind that, according to fxcryptonews, whales have recently shifted significant amounts of the coin totaling more than 1 billion XRP. But as the report explains, the majority of these transactions involved exchanges.
Santiment makes no mention of the reason for the present accumulation. However, it is important to keep in mind that accumulation generally indicates that these large holders anticipate a short-term asset price increase, which is optimistic in the crypto markets. As a result, a price increase typically occurs once whales accumulate.
It’s relevant to note that certain members of the XRP community anticipate a significant announcement from Ripple in the coming days. These rumours are strengthened by remarks made by David Schwartz, chief technology officer of Ripple, in reaction to Charles Hoskinson’s criticism of XRP. Insinuating that Hoskinson might change his mind in a few days. Schwartz led some to believe that Ripple is planning a significant announcement.
Despite the unfavourable market condition, 2023 has the potential to be a positive year for XRP. This is due to the fact that analysts like James K. Filan anticipate the judge’s decision in the US Securities and Exchange Commission case against Ripple to be announced in Q1 2023. If Ripple is granted a favourable verdict, XRP may once again be eligible to trade on US markets.
At press time, XRP is trading at the $0.343 price point, down 13.1% in the last seven days.