Crypto whales are gobbling up XRP as the digital asset market continues to suffer through an ongoing bear market.
Whale and “shark” addresses holding between one and 10 million XRP now hold 7.23% of the total XRP supply, an all-time high level, according to crypto analytics firm Santiment.
That group of addresses also now numbers 1,617, another all-time high.
Santiment says the “most impactful” traders tend to hold between $100,000 and $10 million worth of a specific crypto asset.
“By all means, we want to point out that there is no perfect science to identifying what any asset’s perfect ‘whale tier’ is. But generally, with the exception of massive market caps like Bitcoin or Ethereum, almost all assets have their most impactful traders holding the equivalent of $100,000 to $10,000,000 in that coin.
Any address with less typically doesn’t have enough capital to move markets significantly on major buying or selling. And anything more typically has a high likelihood of being an address that belongs to an exchange. And exchanges don’t really hold any bias toward adding or dropping the supply they are holding.”
XRP is trading at $0.343 at time of writing. The 7th-ranked crypto asset by market cap is down 0.72% in the past 24 hours. XRP is also down nearly 90% from its all-time high of $3.40, which it hit almost five years ago.
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Featured Image: Shutterstock/Olga Medvedeva
