XRP Whale Holdings Hit Highest Supply Share Since November 2022

$XRP is beginning to show signs of a potential recovery as whale activity continues to show that accumulation among large holders is accelerating.

Latest onchain data shows that whales are increasingly becoming bullish on $XRP despite the recent market volatility as they continue to increase their share of $XRP's supply more than they have done in over four years.

46.87 billion $XRP scooped by whales

Notably, data from Santiment Intelligence shows that wallets holding at least 10 million $XRP now have up to 46.87 billion $XRP in their total holdings.

This means that they now control about 68.5% of $XRP's supply, representing the highest share of $XRP supply held by whales since November 2022.

The metric has drawn attention across the crypto ecosystem as the combined balances of $XRP whales have continued to expand significantly regardless of the weak market conditions.

This shows that whales are still buying $XRP even as the asset trades near $1.29 amid the prolonged price correction.

Although the data does not specifically establish whether the large $XRP investors are buying for the long term or preparing to sell at higher prices, it still provides a bullish outlook for $XRP in the short run.

$XRP recovery to $1.50 in view

The bullish trend from $XRP whales at such a volatile moment as this has put $XRP's potential price move in focus among market participants.

The move has triggered curiosity about how $XRP would react to the growing accumulation trend from whales as it continues to hover around the $1.30 mark.

Market analysts believe that intense buying from whales could absorb the market sell pressure and position $XRP for a resurgence above $1.50, which could fuel a stronger recovery to major highs.