Thomas Daniels
On-chain data indicates a significant rise in XRP accumulation as the number of tokens held on exchanges continues to decline.
Santiment’s data reveals that over the past 30 days, 20 new whale wallets, each holding between 1 million and 10 million XRP tokens, have emerged. Currently, there are 1,583 such whale wallets. Market intelligence data also shows a 208% surge in whale transactions, each valued at least $100,000, climbing from 159 to 489 unique transactions in the past day.
Despite the heightened whale activity, XRP’s price remains stable, showing a modest 0.4% increase in the last 24 hours, trading at $0.478 at the time of writing. XRP’s market cap stands at $26.6 billion.
Additionally, daily XRP trading volume saw a 42% increase, reaching $770 million.
Santiment reports that XRP exchange inflow rose from 58.66 million to 76 million tokens over the past day. Conversely, the outflow of XRP tokens from exchanges skyrocketed by 564%, from 11.01 million to 73.14 million tokens during the same period.
The 30% rise in XRP exchange inflow might suggest profit-taking among investors, but the substantial increase in outflow signals a strong accumulation trend among new holders.
Furthermore, since January 30, the XRP supply on both centralized and decentralized exchanges has been steadily decreasing. As per Santiment, there are currently 2.82 million XRP tokens on exchanges.
The XRP Relative Strength Index (RSI) is presently at 43, suggesting that the price is not overextended and a potential price increase may be anticipated.
