XRP is beginning to show signs of a potential recovery as whale activity continues to show that accumulation among large holders is accelerating.
Latest onchain data shows that whales are increasingly becoming bullish on XRP despite the recent market volatility as they continue to increase their share of XRP's supply more than they have done in over four years.
46.87 billion XRP scooped by whales
Notably, data from Santiment Intelligence shows that wallets holding at least 10 million XRP now have up to 46.87 billion XRP in their total holdings.
HOT Stories
This means that they now control about 68.5% of XRP's supply, representing the highest share of XRP supply held by whales since November 2022.
You Might Also Like
The metric has drawn attention across the crypto ecosystem as the combined balances of XRP whales have continued to expand significantly regardless of the weak market conditions.
This shows that whales are still buying XRP even as the asset trades near $1.29 amid the prolonged price correction.
Although the data does not specifically establish whether the large XRP investors are buying for the long term or preparing to sell at higher prices, it still provides a bullish outlook for XRP in the short run.
XRP recovery to $1.50 in view
The bullish trend from XRP whales at such a volatile moment as this has put XRP's potential price move in focus among market participants.
The move has triggered curiosity about how XRP would react to the growing accumulation trend from whales as it continues to hover around the $1.30 mark.
Market analysts believe that intense buying from whales could absorb the market sell pressure and position XRP for a resurgence above $1.50, which could fuel a stronger recovery to major highs.