Large XRP Addresses Hold More than 6% of the Total Supply

Saturday, 28/05/2022 | 08:38 GMT by Bilal Jafar

Whales holding between 1 million and 10 million XRP expanded their portfolios by 2.4% in just 11 days.

In the past 7 days, XRP showed resilience against huge selling pressure.

XRP has witnessed a consistent rise in network activity during the past 2 weeks. Just in the last 11 days, large addresses with holdings between 1 million and 10 million XRP expanded their portfolios significantly. Collectively, these addresses now hold 6.12% of the total supply.

The crypto market is currently going through one of its worst corrections in history. As a result, XRP, along with other digital assets, lost a substantial value since the start of 2022. However, just like in previous market corrections, whale activity across major crypto networks remained unaffected. In fact, crypto millionaires have started accumulating XRP and other digital currencies.

"XRP Network whales holding between 1M and 10M coins 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 holds 6.12% of all XRP,” Santiment highlighted in a recent tweet.

Earlier this month, XRP whales moved almost 92 million coins in two separate transactions. Yesterday, a similar move was observed when Whale Alert highlighted a transaction involving the movement of 40 million XRP from an unknown wallet to the Bitso exchange.

Ripple and XRP

Ripple has formed several partnerships this year with different companies around the world to increase the adoption of RippleNet and XRP Ledger (XRPL). In April 2022, Allbridge, a prominent cross-chain bridge, announced the successful integration of XRPL.

The blockchain company, which is facing a lawsuit by the US Securities and Exchange Commission (SEC), is now planning to explore IPO options after the end of the lawsuit. Additionally, Brad Garlinghouse, Ripple’s CEO, highlighted the company’s growth in global markets.

“Our growth is almost all outside the United States. I think that’ll probably persist until we get the clarity and certainty in the U.S. we’ve been seeking,” Garlinghouse told CNBC in an interview earlier this month.