51.59 billion XRP: XRP mega-holders reach a major milestone
Data online reveals an interesting trend among XRP mega-holders, in this context referring to addresses that own more than 100,000 XRP tokens.
These large holders, referred to as “whales” and “sharks,” have been slowly increasing their holdings as the price of XRP consolidated before its current spike.
Data from network analytics firm Santiment highlights a growing accumulation trend among large holders of XRP, as these organizations, which own at least 100,000 XRP coins, have steadily increased their holdings since last August. Santiment noted a notable turning point in supply accumulation since that period.
Following the historic July 2023 Ripple-SEC lawsuit ruling that finally declared XRP not a security, XRP jumped to $0.95 before declining in the following weeks.
XRP would later hit a low of $0.44 the following August; however, according to Santiment, whales took this as the perfect opportunity to begin a long period of accumulation stretching over months.
This ongoing accumulation trend has led to a new asset high for these XRP mega-investors.
Large holders of XRP hit a new high with 51.59 billion XRP holdings
According to Santiment, XRP wallets holding more than 100,000 tokens now hold 51.59 billion XRP, representing a new all-time high and 85% of total supply.
After days of consecutive price increases, XRP hit a high of $0.62 in today's trading session as bullish predictions for its price emerged. As reported, XRP is depicting a “golden cross” on its four-hour charts, confirming the current bullish surge.
At the time of writing, XRP has trimmed some of its intraday gains and is up 4.7% over the past 24 hours to $0.61.
After a weekly gain of more than 40%, XRP has regained the sixth spot on the market with a market value of $33.99 billion.
