XRP Buying Archives

XRP & Cardano Whales Have Gone On A Buying Spree Recently

As analyst Ali explained in a new post on X, XRP whales have seen their holdings go up over the last couple of weeks. The indicator of relevance here is the “Supply Distribution” from the on-chain analytics firm Santiment, which tells us about the total amount of assets the different market groups hold.

The whale cohort is of interest in the current discussion. These investors hold between 1 million and 10 million XRP in their balance.

At the current exchange rate, these amounts are worth around $0.52 million and $5.2 million, respectively. Clearly, these are pretty significant holdings, which is why whales are considered influential in the market.

Now, here is a chart that shows how the Supply Distribution of the entities belonging to this XRP group has looked like recently:

The graph shows that while the XRP price has been stuck in consolidation during the last couple of weeks, the whales have been viewing the opportunity as a buying one.

These humongous investors have scooped up over 110 million cryptocurrency tokens (equivalent to almost $57 million) inside this window. This buying scale isn’t particularly massive, but the fact that these investors have been backing the coin through this poor period should be an optimistic sign.

It would also appear that XRP isn’t the only one on the large holders’ radar recently. Market intelligence platform IntoTheBlock revealed in an X post that Cardano has also seen a significant buying push.

In the above chart, IntoTheBlock displays the holdings of the Cardano investors, which are between 100 million and 1 billion ADA. This range’s bounds convert to about $45.3 million and $453 million, respectively, so these whales would be much more massive than the XRP ones just discussed.

As is apparent from the graph, these ADA entities have expanded their holdings over the past month. More particularly, their supply has grown by 11% in this period, which, when considering the scale of the total holdings of this group, is an enormous increase.

According to the analytics firm, these Cardano whales now control 6.71% of the entire circulating supply of the cryptocurrency all by themselves.

This latest buying push towards XRP and ADA from the whales simultaneously could be a potential sign that these large entities are expecting an altcoin rally soon. Given that Cardano has seen it happen at a much more significant scale, the coin could likely see better returns than XRP if a surge does happen.

On-chain data shows the XRP whales have been active during the past day. Here are the destinations their moves have been heading to.

XRP Whales Have Moved Around Big Amounts In Last 24 Hours

According to data from the cryptocurrency transaction tracker service Whale Alert, several large XRP transactions have been witnessed on the blockchain in the past day.

More specifically, five transfers in total that are of scale often attributed to the whales have occurred on the network inside this window. Since whale transactions involve the transfer of a significant sum of capital, they can sometimes cause fluctuations in the market.

The implications any whale transfers might have for the market depend on their intent. However, the exact purpose behind any transfer can be hard to ascertain. Nonetheless, the address details of the transaction may provide at least some hints about the context surrounding it.

First, here are the details regarding the oldest XRP whale transfer from the past day:

XRP Whale Deposit

As is visible above, this transaction involved the movement of 29.74 million XRP, worth $15.7 million at the time of the transfer. The sender was an unknown wallet, likely a whale’s address.

On the other hand, the receiver was a wallet attached to a known centralized platform: the cryptocurrency exchange Bitso. Thus, the whale here made a deposit to the exchange from their personal address.

Investors usually make such transactions whenever they want to use one of the services platforms like these provide, including selling. As such, exchange inflows can prove to be bearish for the price.

The second-oldest whale transaction from the past 24 hours was also an exchange inflow, this one towards Bitstamp. Interestingly, the sending address for this one was the same as the Bitso deposit, so the same whale was probably behind both of these moves.

The large investor shifted 27,430,000 XRP ($14.5 million) to the exchange in this second move. Naturally, if the whale has made these large moves for selling, they could be a bad sign for the asset’s price.

Though, perhaps fortunately for the XRP investors, two exchange outflows have also occurred recently, which may cancel out these inflows. Below are the details of the two larger withdrawals.

XRP Withdrawal

In this move, a whale took out around 26.67 million XRP ($14 million) from Binance. Today’s exchange outflow also involved Binance, with another 20.85 million tokens ($10.6 million) leaving the platform.

The fifth and final transfer was the largest during the past day at a whopping 100 million XRP ($53 million), but this move involved unknown wallets on both sides so it’s impossible to say why the move would have been made.

The reason could have been anything, from a change of wallets to selling through over-the-counter (OTC) means.