XRP wallets have continued to accumulate more tokens, with addresses holding between 10,000 and 10 million XRP now representing 29.5% of XRP’s total supply, marking a two-month high. These addresses, often referred to as ‘smart money tiers,’ have been accumulating XRP since the beginning of October, according to crypto behaviour analytics resource Santiment.
A Spree of Accumulation
Santiment, the on-chain analytical platform, reported that these addresses now hold 29.5% of XRP’s total supply, reaching their highest balance in over two months. The last time they held such a significant percentage was on July 27.
Data from a corresponding chart provides further insights into the activities of these wallets. Notably, they have been accumulating and selling XRP tokens during periods of price volatility. The most recent significant selling occurred on October 3, when XRP reached a high of $0.5479.
Santiment noted that “XRP enjoyed its first jump above $0.53 in 10 days despite most altcoins continuing to decline. The rise can largely be attributed to the ‘smart money’ tiers, holding between 10K to 10M XRP, accumulating rapidly.”
However, as XRP subsequently declined from its peak, these wallets resumed a buying spree, indicating a strategic buy-the-dip approach. Since then, they have accumulated over 85.5 million XRP.
With a collective balance representing 29.5% of XRP’s total supply and considering XRP’s current circulating supply of 53.4 billion tokens, these wallet holdings amount to a substantial 15.76 billion XRP, equivalent to $8.17 billion at prevailing rates.
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Increased Social Dominance for XRP
Santiment’s latest findings also highlighted a rapid increase in XRP’s social mentions. Notably, XRP experienced a surge in mentions, leading to an uptick in its social dominance. At the time of Santiment’s report, XRP’s social dominance had risen to 2.56%, marking the second-highest level this month.