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
Bitcoin Smashes Through $100K Barrier! Market Cap Soars to 5th Largest Global Asset, Surpassing Amazon & Google!​A landmark US-UK trade deal sparks Bitcoin’s historic rally past $100K, propelling its market cap beyond $2 trillion and eclipsing giants like Amazon, Google, and silver.
Author  TradingKey
12 mins ago
​A landmark US-UK trade deal sparks Bitcoin’s historic rally past $100K, propelling its market cap beyond $2 trillion and eclipsing giants like Amazon, Google, and silver.
placeholder
Meta back in stablecoin talks three years after phasing out landmark crypto projectMeta seems to have caught the stablecoin bug and is reportedly testing crypto waters again.
Author  Cryptopolitan
1 hour ago
Meta seems to have caught the stablecoin bug and is reportedly testing crypto waters again.
placeholder
Dogecoin ‘Looks Incredible Here,’ Says Crypto Analyst — Here’s WhyDogecoin has spent the better part of three years digesting its 2021 blow-off-top, yet the popular meme-coin may be about to leave the consolidation range behind, according to a fresh weekly chart
Author  NewsBTC
2 hours ago
Dogecoin has spent the better part of three years digesting its 2021 blow-off-top, yet the popular meme-coin may be about to leave the consolidation range behind, according to a fresh weekly chart
placeholder
Bitcoin and Ethereum short squeeze spark $1 billion in liquidations following US-UK trade agreementBitcoin (BTC) and Ethereum (ETH) short traders took a major hit on Thursday, sparking nearly $1 billion in crypto liquidations.
Author  FXStreet
2 hours ago
Bitcoin (BTC) and Ethereum (ETH) short traders took a major hit on Thursday, sparking nearly $1 billion in crypto liquidations.
placeholder
Ripple wins SEC lawsuit and recovers $75M after legal battle endsRipple and the SEC agreed to settle their lawsuit with a $50 million payment, and Ripple will get $75 million back.
Author  Cryptopolitan
2 hours ago
Ripple and the SEC agreed to settle their lawsuit with a $50 million payment, and Ripple will get $75 million back.