According to market intelligence firm Santiment, the XRP Ledger (XRPL) has seen decreased whale activity compared to the past two years. However, top XRP holders are still accumulating tokens.
In a recent tweet, Santiment noted that while overall XRPL whale activity is lower in 2022, key shark and whale wallets keep growing their supply.
Source: Santiment – Start using it today
Wallets holding between 100,000 to 100 million XRP now contain $7.89 billion worth of tokens, up from $7.16 billion a year ago. This indicates a sustained appetite among the largest holders.
The reduction in broader whale movements comes after a massive transfer of over $1.5 billion worth of XRP linked to Ripple earlier this year. The blockchain saw elevated activity around Ripple unlocking escrow funds.
But XRP’s lackluster price action in 2022 has likely dampened trader enthusiasm. Without major catalysts, overall transaction volumes declined year-over-year.
However, the continued expansion of top XRP holders hints at long-term conviction even amid the lull. These whales likely anticipate gains in the next bull market cycle.
Their ongoing accumulation provides a silver lining for XRP amid declining exchange volumes. With the SEC lawsuit also nearing a conclusion, XRP whales appear positioned to capitalize on a potential price boom when market conditions improve.
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