TL;DR
- Large XRP wallets increased their holdings to $7.9 billion from $7.16 billion in October 2022.
- Accumulation spiked after major crypto events, including the FTX meltdown and Terra’s LUNA and UST collapse.
- A positive outcome for Ripple against the US SEC could boost XRP’s price in 2024, alongside other favorable market factors.
Buying XRP Amid the Reigning Uncertainty
As revealed by the crypto behavior platform Santiment, wallets holding between 100K and 100M XRP have been on the rise over the past year.
Such sharks and whales currently own almost $7.9 billion worth of the asset, representing 26.8% of the circulating supply. In comparison, the same investors held $7.16 billion in XRP in October 2022.
🐳🦈 #XRPLedger is seeing less whale activity this year compared to 2021 & 2022. However, this hasn’t stopped the key shark & whale addresses from accumulating more of the supply. Wallets with 100K-100M $XRP hold $7.89B in coins vs. $7.16B a year ago. https://t.co/NMnrTCTMUw pic.twitter.com/DSShcoFa8G
— Santiment (@santimentfeed) October 9, 2023
Some might assume that investors started purchasing amounts of the coin en masse in July this year when Ripple won its first major victory in the lengthy lawsuit against the United States Securities and Exchange Commission (SEC).
However, Santiment’s chart shows that the accumulation spree was on its rise in November last year. Back then, the cryptocurrency industry witnessed one of its darkest events – the meltdown of the former giant FTX.
Prior to that, XRP sharks and whales increased their exposure in May 2022 when another crisis occurred. Namely, this was the collapse of Terra’s native token – LUNA – and its algorithmic stablecoin – UST – which caused multi-billion investor losses and undermined the legitimacy of the digital asset sector.
Is This the Right Move?
Multiple analysts and experts have claimed that investing in Ripple’s native token could turn profitable should the crypto company secure a decisive win in its legal battle against the US SEC. ChatGPT generated that answer, too, maintaining that this could be among the key factors for a potential XRP bull run in 2024.
Other elements that could boost the price are also new banking collaborations, favorable macroeconomic conditions, market trends, technological developments, and more.
We also released a video depicting XRP’s potential trajectory in case of a rally next year. Those curious to learn more can click on the clip below:
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