Long-term XRP holders have survived the recent market dip without selling their digital assets. In fact, the data from crypto analytics firm Santiment, shows that a major accumulation move is happening on the XRP network.
Large holders of the digital currency have expanded their holdings by a massive margin in the last 8 weeks. Since December 2021, XRP addresses with at least 10 million coins have added nearly 900 million coins to their holdings, making it one of the largest accumulations by crypto whales in history.
Santiment highlighted that a total of 336 XRP addresses are holding at least 10 million coins. Between November and December 2020, the mentioned group of addresses accumulated approximately 1.29 billion coins.
“The second-largest XRP accumulation in the past 5 years by top-tier whales is in progress. There are currently 336 XRP Network addresses that hold 10M XRP or more. Many of these undoubtedly belong to exchanges, but this is still a notable anomaly,” Santiment’s data highlights.
Additionally, large crypto movements are on the rise. A well-known XRP address recently moved 89 million coins, worth nearly $70 million, from Bithumb.
XRP Ledger and RippleNet
Since the start of 2021, the adoption of XRP Ledger (XRPL) and RippleNet has increased enormously. Recently, STASIS, a leading company in euro-backed stablecoin production, announced that the company is planning to issue Euro stablecoin (EURS) on XRPL. In October 2021, Ripple announced the deployment of RippleNet’s ODL in the Middle East. The company collaborated with Pyypl for the introduction of new services in the region.
“With over 20 payout markets for On-Demand Liquidity (ODL), most recently adding the Middle East, RippleNet continues to see more global demand for the product. Most notably, APAC continues to be one of the largest contributors of ODL volume on RippleNet, more than doubling in 2021,” Ripple mentioned in its Q4 report.
