XRP Whales Now Hold 67% of Ripple Supply, Highest Since 2022

Jonathan Stoker Feb 02, 2024, 21:50pm 306 views

XRP Whales Now Hold 67% of Ripple Supply, Highest Since 2022

Ripple's Value Volatility in the Digital Asset Market of 2024

In 2024, the digital asset market has had a challenging start. Ripple has experienced increased value fluctuations, with recent data revealing that XRPXRP$0.620 -1.68% whales hold over 67% of the total supply. This occurrence marks the first of its kind since 2022.

The Role of On-Chain Analyst Firm, Santiment

On-chain analyst firm, Santiment, shared these intriguing figures through a series of posts on X, the platform formerly known as Twitter. The firm also recorded an impressive 217 whale transactions earlier this week, marking the highest number of transactions exceeding $1 million since July 2022.

These data followed the judicial verdict that Ripple did not violate any securities laws back on July 13th and 14th. There appears to be no sense of panic from the whales. As of yesterday, wallets holding at least 10M $XRP account for 67.2% of the available supply, the highest concentration since early 2024.

Does The Whale-Dominated Supply Indicate a Possible Price Surge for Ripple?

The digital asset market has struggled in 2024 despite the optimism that marked the end of the previous year. Ripple, unfortunately, did not meet expectations. After reports of a hack involving the firm's co-founder, the asset's price dropped by over 5%. It is currently battling further declines at a significant level, trading at $0.50 and falling more than 1.6% over the past 24 hours, according to CoinMarketCap.

Whale Concentration and Ripple's Market Position

However, an intriguing aspect of the asset's price is the exposure of the supply. Santiment reveals that 67% of Ripple's total supply is held by XRP Whales, the highest since 2022. This concentration of wealth reportedly makes Ripple one of the better candidates for a bounce, subject to BitcoinBitcoin$42,260 -0.64%'s stabilization. Ripple has been a likely candidate for a sharp reversal once the bottom is hit. Yet, the timing of such a reversal remains uncertain.

The Impact of Ripple Co-Founder's Hack

The hacking incident involving Ripple's co-founder did not improve investor trust in the asset. However, the strong commitment from large value holders indicates investor confidence. Nevertheless, a shift in price will only materialize when buying pressure intensifies. Only time will determine the unfolding of this event.

Edited by Jonathan Stoker

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