XRP Demand Skyrockets: Whales Amass $400M Holdings

Over the past 48 hours, substantial accumulation by XRP whales has occurred , according to a new analysis by Ali Martinez. The focus of this observation is the "Supply Distribution" metric, provided by the on-chain analytics firm, Santiment. This metric indicates the amount of XRP held by different wallet cohorts.

Wallets are categorized based on the number of coins they hold. For context, the relevant range for this analysis spans holdings of 10 million to 100 million XRP, equating to a value between $26.5 million and $265 million at current market prices. Investors within this substantial range are typically classified as whales, given their significant market influence.

The accompanying chart illustrates the recent trend in XRP Supply Distribution. It shows a notable increase in whale holdings, highlighting that these large investors have been net buyers of the cryptocurrency. Over the last few days, they added approximately 150 million XRP, worth around $400 million, to their portfolios. This accumulation coincides with a decline in XRP's market price, suggesting these whales view the dip as temporary.

In a separate analysis, Martinez noted that XRP was breaking out of an Ascending Triangle formation, a pattern observed in technical analysis (TA) during price consolidations. This pattern, characterized by an upper horizontal trend line and a rising lower trend line, often precedes price surges.

Martinez previously stated, "XRP looks to be breaking out of an ascending triangle on the lower time frames, setting up a potential 4% move toward $2.68!" This analysis proved accurate, as XRP's price has risen following the breakout, achieving the predicted target.

: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.