Santiment Feed said in a tweet yesterday that XRP big bag holders with holdings of 1 million to 10 million XRP have been rapidly accumulating.
According to Santiment, there are now 1,617 addresses in this category, accounting for 7.23% of the XRP supply. According to the crypto analytics firm, these XRP sharks and whales have set new highs regarding the sheer number of addresses they control and the percentage of supply they control.
As previously reported by FxCryptoNews, whales have moved large volumes of the token in the last week totaling over 1 billion XRP. However, as the report details, most of these transactions involved exchanges.
Santiment makes no mention of the reason for the recent accumulation. However, accumulation is generally bullish in the crypto markets, implying that these big bag holders expect the asset price to rise in the short term. As a result, a price increase usually follows whale accumulation.
It is worth noting that some members of the XRP community anticipate a major announcement from Ripple in the coming days. These speculations are fueled by comments made by Ripple’s chief technology officer, David Schwartz, in response to Charles Hoskinson’s attack on XRP. Schwartz hinted that Hoskinson might change his mind in a few days, leading some to speculate that Ripple is planning a big announcement.
Related Article: Forbes: 1 Billion XRP Movement by Whales in Past 7 Days
Meanwhile, regardless of market conditions, 2023 has the potential to be a bullish year for XRP. This is because analysts such as James K. Filan anticipate a ruling in the US Securities and Exchange Commission case against Ripple in Q1 2023. A favorable ruling for Ripple could allow XRP to re-enter US markets.
At the time of writing, XRP is trading at $0.341, down 12.72% in the last seven days.