Recent information from Santiment indicates that whales are actively accumulating XRP.
The purchasing activity reveals wallet addresses with between 1 million and 10 million XRP have started a buying spree.
Last week, Ripple’s native coin, XRP, avoided the market slump and steadied in the indices. XRP is trying to retake its position above $0.50, which floats around the $0.46 level.
The bulls are trying to push the price to $1, but the bears are bringing it down with frequent sell-offs and profit-taking.
Related Reading: If Ripple Wins Against SEC, What Does This Mean for XRP?
The Accumulation Spree
The buying binge started on April 19 when XRP began to decline from $0.52.
The wallets consistently purchased the token for nearly a week, maintaining its constant price in the indices.
3.9 billion tokens totaling $1.78 billion are currently held by the 1 million–10 million XRP holders.
The project is their most significant overall buy in more than a month. Shark addresses holding between 1,000 and 100,000 XRP are reportedly also in an accumulation mode, according to Santiment.
The shark addresses comprise 6.38 billion tokens or roughly $2.9 million.
This month, the number of daily active addresses on the Ripple network also increased.
On April 23, when its price had risen to $0.47, the network activity was credited with almost 25,409.
The change may have been caused by investors who tried to profit from the price increase in anticipation of another rally.
So, What Does This Mean for XRP?
XRP may experience a price increase if the whale and shark accumulation frenzy continues for another week.
According to a digital asset data firm Kaiko report, XRP’s last surge was fueled by strong demand from individual investors.
Demand drove the cryptocurrency to $0.57; the same structure might occur again.
Kaiko further disclosed that the coin gained momentum as more and more Korean investors bought XRP.
But now that it reported a balance between buy and sell orders, Korea’s buying binge has been balanced.
The current XRP price is $0.470228 with a $1,054,057,364 24-hour trading volume. In the previous day, XRP has increased by 3.68%.
XRP is up 3.68% in 24 hours. Source @Coinmarketcap
Nevertheless, it is down 86.18% from the $3.40 all-time high in January 2018.
Read Also: Ripple CTO Addresses Controversy Surrounding XRP Retail Sales
