51.59 Billion XRP: XRP Mega Holders Hit Major Milestone

On-chain data 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, described as "whales" and "sharks," have been quietly increasing their holdings as the $XRP price consolidated before its current breakout.

Data from on-chain analytics firm Santiment highlights a growing trend of accumulation among large $XRP holders, as these entities, holding at least 100,000 $XRP coins, have been steadily increasing their holdings since last August. Santiment observed a noticeable turning point in supply accumulation since this period.

Following the historic ruling in the Ripple-SEC lawsuit in July 2023, which definitively declared $XRP not a security, $XRP jumped as high as $0.95 before receding in the weeks that followed.

The following August, $XRP would later reach lows of $0.44; however, whales took it as a perfect opportunity to kickstart a long accumulation stretch spanning into months, according to Santiment.

This continued accumulation trend has now yielded a new high in holdings for these $XRP mega investors.

$XRP large holders hit new high with 51.59 billion $XRP

According to Santiment, $XRP wallets holding over 100,000 tokens now hold 51.59 billion $XRP, which represents a new all-time high and also 85% of the total supply.

Following days of consecutive price increases, $XRP reached highs of $0.62 in today's trading session as bullish narratives emerged for its price. As reported, $XRP is depicting a "golden cross" on its four-hour charts, validating its current bullish surge.

At the time of writing, $XRP had erased some of its intraday gains and was up 4.7% in the last 24 hours to $0.61.

Following a weekly surge of over 40%, $XRP has reclaimed sixth place in the market rankings with a market value of $33.99 billion.