XRP Whales Accumulate 2 Billion XRP Amid Price Volatility
Austin Hilton examined on-chain data and found that XRP whale wallets have been accumulating large amounts of cryptocurrency, particularly during two major buying periods in September.
The first period ran from September 16 to September 19, where whale wallets accumulated approximately 1.54 billion XRP in just 96 hours. At the time, the price of XRP had dropped to around $1.26, but instead of selling, whales used this opportunity to increase their holdings.
Hilton noted that market participants, including himself, had discussed the possibility of XRP falling below $1, but despite this, large wallets continued buying. This behavior was repeated during the second accumulation period from September 21 to September 24, where whale wallets added another 470 million XRP.
Nearly 4,200 wallets currently meet Hilton's definition of XRP whale wallets because each wallet holds at least 500,000 XRP. These wallets collectively control just under 52 billion XRP, representing slightly less than 4% of XRP's total supply.