Institutional Investors Holding More Than 100 Million XRP Surpass an 11-Week High

Blockchain data reveals that the number of whales holding over 100 million XRP tokens has grown to 199.

This is the largest figure in 11 weeks. XRP currently ranks as the fourth-largest crypto blockchain by market capitalization and has maintained its position since the July 13 court ruling.

Some main factors influencing XRP's growth are the increase in the coin's adoption by top institutes globally and in the US, relisting on US-based crypto exchanges, and other notable crypto entities.

Santiment Data Reveals the XRP Whales Increase in Number

A popular market intelligence platform Santiment, focusing on blockchain analytics for more than 2,500 cryptocurrencies, reveals the data about growing Ripple whales.

This massive increase in whale wallet addresses, holding more than $76 million worth of the fourth-largest crypto each, signifies a notable milestone for Ripple.It is worth stating that this figure signifies the highest number for Ripple tokens since May 13, as reported by Santiment.

The amount of #XRP whale wallets holding 100M+ coins (at least $74M) is up to 199, matching the most wallets since May 13. The #4 market cap asset has been a top July trending topic, and $XRP has shown moderate price correlation with these fluctuations. https://t.co/XOLhJjttwI pic.twitter.com/iSBKG9pIPH

- Santiment (@santimentfeed) July 23, 2023

The Santiment chart outlined the distribution patterns of the XRP whales in the last 12 months as they accumulated and sold the coins at strategic price zones.

In July 2022, when the token was trading below $0.40, XRP whales were in an accumulation perspective. However, they sold off the tokens when the coin exceeded $0.518 within three months, sending the token to its previous support levels.

Furthermore, between December and March 2023, XRP whales recommenced accumulation mode.Within this timeframe, Ripple's native coin recorded an average of $0.414. In April, XRP whales sold off the coin, resulting in their numbers declining below 200.

Santiment also observed the beginning of another accumulation pattern in the chart in July 2023, with XRP trading at around $.7387 today, July 24.

Another Rise On The Cards

While it trades at $0.7316, analysts predict that the crypto should expect a price surge of 31.05%, pushing it to trade at $0.966423 by July 28.

According to analytics from technical indicators, Coincodex believes that the present market sentiment concerning XRP is Neutral, indicating a balanced market between traders.

Further analysis of XRP's performance showed that the coin recorded about 12/14 green days, indicating a significant 23.20% price volatility.

In addition, the Fear & Greed Index was at 55, signifying a larger influence of greed prevailing in the coin market.Noting these factors, Coincodex explained that the present price juncture shows a great opportunity for investors in the coin.

It has been making the headlines in July for various reasons. One reason is the recent partial victory of Ripple Labs against the United States SEC, which led to further adoptions by notable entities.

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