Data shows XRP has reached a new milestone in its 10,000+ token wallets, a sign that large investors have been coming into the network.
More Than 332,000 Wallets Now Hold 10,000+ XRP
In a new post on X, on-chain analytics firm Santiment has talked about the latest trend in the population of the mid-to-large holders of XRP. The indicator of relevance here is the “Supply Distribution,” which tells us, among other things, the number of wallets that belong to a given group.
Addresses are divided into these cohorts based on the number of tokens that they are carrying in their balance. The 1 to 10 coins group, for example, includes all holders who own between 1 and 10 BTC. In the context of the current topic, the range of interest is the 10,000+ coins one (with there being no upper bound).
At the current exchange rate, the cutoff for this range converts to around $14,300. While this isn’t terribly high, it does act as a filter against the small entities. As such, the range can showcase the combined behavior of the mid-sized and large investor cohorts.
Now, here is the chart shared by Santiment that shows how the Supply Distribution for the 10,000+ coins group has changed on the XRP network over the last few months:
The value of the metric seems to have been climbing in recent months | Source: Santiment on X
As displayed in the above graph, the total number of XRP wallets holding more than 10,000 tokens observed a plunge alongside the price crash from January-end/February-start. This means that some of the prominent investors of the cryptocurrency cleared out their balance amid the market panic.
While the decline was sharp, it lasted only briefly, and before long, the indicator was back to following a similar trajectory as before the crash: a gradual uptrend. The new uptrend maintained throughout March and April, and so far, it has also sustained in May.
After the latest continuation to this trajectory, the indicator has completely retraced the earlier plummet and reached a value of 332,230, which is a new all-time high (ATH). The analytics firm noted:
The continued rise in XRP Ledger wallets holding at least 10,000 XRP is an important long-term signal because it shows that larger holders have kept accumulating even during periods of volatility and uncertainty.
In some other news, XRP continuing to struggle recently has meant that treasury company Evernorth has continued to hold deep losses on its holdings. As analyst Maartunn has highlighted in an X post, the firm was only in profit for about a couple of weeks before its reserves fell into the red.
The trend in the unrealized profit/loss of Evernorth | Source: @JA_Maartun on X
From the chart, it’s visible that Evernorth’s XRP treasury, which spent $950 million to assemble its holdings, is currently down $389 million.
XRP Price
At the time of writing, XRP is trading around $1.43, down 1% over the last 24 hours.
Looks like the price of the coin has overall moved sideways recently | Source: XRPUSDT on TradingView
Featured image from Dall-E, chart from TradingView.com
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