Since December 2021, XRP whale accounts with over 10 million tokens have amassed about 900 million $XRP, valued around $700 million at the time of writing, in the “second-largest” accumulation they have achieved in the last 5 years.
The largest XRP whale accumulation, according to cryptocurrency analytics firm Santiment, occurred in December 2020, when over 1.2 billion tokens were added to their wallets, causing the cryptocurrency’s price to soar at the moment.
$XRP Accumulation
The second largest $XRP accumulation in the past 5 years by top tier whales is in progress. There are currently 336 #XRPNetwork addresses that hold 10M $XRP or more.
Many of these undoubtedly belong to exchanges, but this is still a notable anomaly.📊 https://t.co/tKBc7FSVVA pic.twitter.com/kCxtEsNgxO
— Santiment (@santimentfeed) February 18, 2022
Each XRP was trading for roughly $0.80 at the start of the latest buildup, down from a 12-month high near the $2 mark. The cryptocurrency’s price dipped to $0.60 as whales began accumulating, but quickly rebounded to $0.77.
Many of the 336 addresses on the XRP Ledger with more than 10 million XRP in their balances, according to Santiment, are likely to be cryptocurrency exchanges holding funds on behalf of possibly millions of customers.
Nonetheless, the buildup is “still a remarkable outlier,” according to the business. According to CryptoGlobe.
The total number of transactions performed on the XRP network increased by 11.8 percent in November 2021, from 43.3 million in October to 53.3 million in November, while the number of new accounts created increased by 11.8 percent to 237,000.
Whales Are Accumulating?
The information comes from CryptoCompare’s November 2021 Asset Report, which shows that XRP network activity increased in November despite the cryptocurrency’s price dropping 10.2 percent to $0.99.
Earlier this month, the number of active addresses on the XRP Ledger reached a new all-time high. Ripple, a major player in the XRP ecosystem, has been battling the Securities and Exchange Commission (SEC), which has accused the company and two of its executives of “raising over $1.3 billion through an unregistered, ongoing digital asset securities offering.”
Conclusion
The lawsuit had a detrimental influence on the price of XRP, as most cryptocurrency exchanges began delisting the token after it was publicised, reducing its liquidity.
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