XRP Jumps 7% After Surge In Network Activity & Whale Buying

NewsBTC
Updated
Mitrade
coverImg
Source: DepositPhotos

XRP has registered a notable price jump in the last 24 hours as on-chain data shows bullish developments in two key indicators.


XRP Has Recently Seen Growth In Active Addresses & Whale Supply


In a new post on X, the on-chain analytics firm Santiment has discussed about how two metrics related to XRP have changed recently. The indicators in question are the Supply Distribution of the whales and Active Addresses.


First, the “Supply Distribution” measures the number of tokens that investors belonging to a particular group currently hold. Addresses are divided into these cohorts based on the amount of the asset that they are carrying in thire balance. The 1 to 10 coins group, for example, includes all investors who own between 1 and 10 XRP.


In the context of the current topic, the whale entities are of interest. The cutoff for this group is defined as 1 million coins, with their being no upper bound to the range. At the current exchange rate, this amount converts to around $2.5 million, so only the large investors would be able to qualify for the cohort.

Now, here is the chart shared by the analytics firm, that shows the trend in the Supply Distribution for these key XRP investors:


XRP Supply Distribution

As displayed in the above graph, the XRP whales have constantly seen their Supply Distribution go up over the past year, implying that the large holders have been accumulating.


Despite the recent downturn in the price, the cohort hasn’t broken this trend of buying, as its members have added another 2.82 billion coins to their holdings in the last couple of months, representing an increase of 6.5% for their supply.


Following this increase, the 1 million+ coins holders now own 46.4 billion tokens of the cryptocurrency. The continued long-term accumulation from this group is naturally a bullish sign for the asset’s price.


In the same chart, Santiment has also attached the data of the second indicator of relevance here: the Active Addresses. This metric keeps track of the total number of XRP addresses that are participating in some kind of transaction activity on the blockchain every day, whether as a sender or receiver.


As is apparent from the graph, the XRP Active Addresses has seen a significant boost in this month of March, as the metric’s value has floated at levels approximately six times the ones from January and February.


A high value of this indicator can be a sign that the interest around the asset is elevated, which is why more users are coming online to make moves on the network. In particular, the metric represents the activity level of the retail holders, who are large in number and drown out the count of the massive investors like the whales.


It now remains to be seen whether the latest recovery rally of XRP would sustain, given these positive developments happening on the network.

XRP Price

At the time of writing, XRP is trading around $2.51, up more than 8% in the last seven days.

XRP Price Chart

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
Solana Price Forecast: SOL tests $140 support zone amid rising selling pressureSolana (SOL) edges higher by 2% at press time on Friday as it avoids a drop to the $140 support zone. However, the Solana price trend is approaching its second consecutive bearish week close, following a near 6% drop on Thursday.
Author  FXStreet
23 hours ago
Solana (SOL) edges higher by 2% at press time on Friday as it avoids a drop to the $140 support zone. However, the Solana price trend is approaching its second consecutive bearish week close, following a near 6% drop on Thursday.
placeholder
Bitcoin eyes decline below $100,000 amid profit-taking and Trump-Musk clashBitcoin (BTC) declined 3% on Thursday, erasing more than $84 billion from its market capitalization as intense profit-taking from long-term holders (LTHs) and macroeconomic uncertainty impacted its price.
Author  FXStreet
Yesterday 06: 38
Bitcoin (BTC) declined 3% on Thursday, erasing more than $84 billion from its market capitalization as intense profit-taking from long-term holders (LTHs) and macroeconomic uncertainty impacted its price.
placeholder
What Really Happened at the TRUMP Dinner? Insights from an AttendeeErbil Karaman, Co-Founder of Huma Finance, described the atmosphere of the much-anticipated $148 million dinner with US President Donald Trump as “charged and eventful.”
Author  Beincrypto
Yesterday 02: 44
Erbil Karaman, Co-Founder of Huma Finance, described the atmosphere of the much-anticipated $148 million dinner with US President Donald Trump as “charged and eventful.”
placeholder
Ethereum Price Dips Below $2,500: Investors Eye Key Support LevelsEthereum price started a fresh decline below the $2,550 zone. ETH is now showing a few bearish signs below the $2,500 pivot level. Ethereum started a fresh decline below the $2,550 level.
Author  NewsBTC
Yesterday 02: 24
Ethereum price started a fresh decline below the $2,550 zone. ETH is now showing a few bearish signs below the $2,500 pivot level. Ethereum started a fresh decline below the $2,550 level.
placeholder
Bitcoin Price Dips Sharply Below $102K as Profit-Taking AcceleratesBitcoin price started a fresh decline and tested the $100,500 zone. BTC is now consolidating and might extend losses below the $100,000 level. Bitcoin started a fresh decline below the $104,000 zone.
Author  NewsBTC
Yesterday 01: 19
Bitcoin price started a fresh decline and tested the $100,500 zone. BTC is now consolidating and might extend losses below the $100,000 level. Bitcoin started a fresh decline below the $104,000 zone.