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XRP whale transactions decline, but holdings increase to $7.89 billion

EditorPollock Mondal
Published 10/10/2023, 05:14 AM

Despite a drop in the number of large transactions on the XRP Ledger, addresses holding substantial amounts of XRP have seen an increase in their holdings over the past year. As of Monday, these addresses now hold $7.89 billion or 15.37 billion tokens, which represents 26.8% of XRP's supply, according to data from Santiment.

This increase in holdings marks a significant rise from the $7.16 billion or 13.84 billion tokens held by these addresses in 2022. The growth trend began aggressively last November during the FTX implosion, with the addresses accumulating over 960 million XRP in less than two months, increasing their balance to 25.96%.

The balance remained relatively stable until a legal victory for XRP in mid-July led to another spike in accumulation. These addresses have since amassed over 1.5 billion XRP since last October.

However, despite this accumulation trend, there has been a notable decrease in the daily average of whale transactions on the XRP Ledger. The peak of these transactions was observed in April-May 2021, with only 2,321 transactions recorded on Monday.

While the number of large transactions has fallen, the steady accumulation of XRP by these addresses indicates a continued interest and confidence in the digital asset among large holders. This trend could potentially influence the overall market dynamics of XRP moving forward.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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