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%.