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XRP Whales Boost Coin Stash by Over 6% to 46.4B in Two Months, Blockchain Data Shows
Large investors have persisted in accumulating coins even as the cryptocurrency has shown a lack of clear directional bias over the past two months.
What to know:
XRP has dropped 20% to $2.45 in two months, but that hasn't stopped large traders from accumulating more coins.
Data tracked by Santiment show crypto wallets holding at least one million XRP have boosted their coin stash by 6.5% to 46.4 billion XRP ($114 billion) in two months. Network activity has also boomed, with 6x more unique wallets interacting on the network in March compared to earlier months.
The whale accumulation reflects growing confidence among large investors in the potential of XRP. It remains to be seen if this persistent whale buying will translate into a strong price performance.
Brad Garlinghouse, CEO of Ripple, which uses XRP to facilitate cross border transactions, said Wednesday that the U.S. strategic digital asset reserve is likely to include XRP.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
