- Ripple (XRP) whales holding between 1 million and 10 million XRP have been on an intense accumulation drive.
- This follows a recent announcement by Ripple’s CEO.
- In related news, XRP’s price has fallen a bit in the last 24 hours.
Ripple (XRP) whales holding between 1 million and 10 million XRP have been on an intense accumulation drive. These whales now hold their highest percentage of the asset’s supply in two months, making them the most active tier of non-exchange holders with 6.12% of all XRP.
🐳 #XRPNetwork whales holding between 1M and 10M $XRP have collectively been accumulating, and now hold their highest percentage of the asset’s supply in 2 months. This is the most active tier of non-exchange holders, and currently hold 6.12% of all $XRP. https://t.co/l39gjRe1Jb pic.twitter.com/M71kwL6r7T
— Santiment (@santimentfeed) May 25, 2022
XRP also felt the pressure of the recent crypto market crash as its price corrected by more than 50% just over the last two months. However, a recent announcement by the CEO of Ripple, Brad Garlinghouse, has ignited an accumulation drive within XRP whales.
In an interview with CNBC, the CEO announced in Davos, Switzerland that they will explore launching an IPO following the conclusion of the long-ongoing Ripple-SEC lawsuit.
At the time of writing, XRP is ranked sixth on CoinMarketCap’s list of the biggest crypto projects in terms of market capitalization. The price of XRP has seen a 2.54% loss in the last 24 hours and sits at $0.3981. The coin also has a total market cap of $19.32 billion.
Despite the fall in price, the daily trading volume for XRP has increased by 18.99%. The total 24-hour trading volume is more than $1.6 billion.
Looking at the snapshot above of CoinMarketCap, XRP has strengthened slightly against ETH by 0.99%. Meanwhile, it has weakened against BTC by 1.85% in the last 24 hours. The current price of XRP is also nearer to its daily low of $0.3968.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.