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Over the past few days, prominent investors have been increasingly betting on $XRP, loading up on the token with their holdings near an all-time high.
Specifically, on-chain data from Santiment shows that whales have accumulated over 380 million tokens in the past ten days. Renowned market watcher Ali Martinez brought attention to this development in a post on X.
Notably, these investors, who have been accumulating $XRP over the past weeks, typically hold between 10 million and 100 million $XRP. This move confirms that large investors see potential in $XRP over the next few days or weeks.
The on-chain data from Santiment depicts a sharp rise in whale holdings. As the graph shows, these large investors have been accumulating $XRP consistently in recent weeks.
As of the first week of September, when $XRP’s price dipped to just above $0.505, these whales became bullish, increasing their holdings from just below 6.78 billion $XRP to over 7.04 billion. This accumulation closely correlated with $XRP’s market value.
Specifically, $XRP’s price has risen from $0.5059 on September 6 to $0.5986 by September 14, representing an 18.32% increase in just eight days. While $XRP corrected slightly in the following days, whale holdings spiked once more, reaching 7.17 billion $XRP as of Thursday.
Whales Holding $XRP Near All-Time High
It is worth noting that these large investors’ current holdings of $XRP tokens are nearing an all-time high, similar to the peak observed just seven weeks ago.
In the second week of August, whales accumulated $XRP to a historic high, collectively holding approximately 7.2 billion tokens. This surge in accumulation occurred shortly after the resolution of the Ripple lawsuit, which contributed to the increased interest in $XRP.
As a result, the price of $XRP spiked by 30%. Meanwhile, these whales later reduced their holdings, likely capitalizing on the resultant gains. Their holdings dropped to around 6.5 billion $XRP. This impacted the price of $XRP, causing the token to tank to $0.5059 this month after reaching $0.6416 in August.
Factors Triggering Whale Accumulation on $XRP
Now that whale accumulation is resuming, it raises the question of what is influencing their confidence in $XRP this time. Indeed, $XRP has seen crucial developments in the past few days that contribute to positive sentiment around the token.
For instance, Grayscale has launched an $XRP Trust, allowing eligible investors, including institutions and individuals, to gain exposure to $XRP. Since its launch last week, the net asset value (NAV) of the Grayscale $XRP Trust has surged by over 11%.