More of XRP’s supply is being chipped away, as whales continue to accumulate the token, increasing their control of the cryptocurrency. According to new reports from on-chain analytics platform Santiment, Whales are currently holding over 450 billion coins, setting a record 8-year high. With more tokens being swallowed up by this group of investors, speculation about a fresh bull run is emerging, one that could propel the price from its current downtrend to new highs.
XRP Whales Now Control Over 68% Of Token’s Supply
On May 18, Crypto analyst Zach Humphries posted on X that large holders now control a whopping 68.5% of XRP’s total circulating supply. Santiment’s data has also shown that the whales in question own wallets with at least 10 million XRP.
Combined together, these whales own approximately 45.83 billion tokens. Humphries said this substantial figure matches levels the market has not seen since May 2018, about four months after the altcoin recorded its all-time high of $3.84.
Because of this level of concentrated control, Humphries stated that the sell side of XRP could get extremely thin if this accumulation trend continues at such an aggressive pace. The analyst revealed that smart money is now using the current sideways consolidation to absorb supply directly from crypto exchanges.
To put this into perspective, the altcoin has been in a steep downtrend for months, with the price currently trading in the $1.3 to $1.4 range. The cryptocurrency has failed to recover despite the recent positive developments surrounding Ripple. While prices remain below 2025 highs, large-scale investors appear to be taking advantage of market volatility and declining to buy coins at cheap levels.
Against this backdrop, Humphries has suggested that a clean break above XRP’s current range could completely transform its macro chart. He implied that this recent trend could be the final accumulation phase before a real price breakout occurs, potentially sending it to new highs. Meanwhile, Santiment has said that the recent accumulation could see the token jumping back toward $1.5.
Analyst Projects Next Big Move Above $1.8
In a recent price analysis, market expert Ali Martinez stated that XRP is gearing up for a major price move. The analyst said that he has been closely watching the tightest Bollinger Band squeeze on XRP’s 3-day chart for over a year now. He noted that at the time, volatility had compressed firmly, signaling that a violent price rally could be imminent.
Martinez also described the altcoin’s current compression zone as a “no-trade zone,” suggesting that the market has to move first before any trades are confirmed. With this in mind, the analyst said he will remain patient while watching for a clean 3-day candlestick close outside the $ 1.29 to $ 1.50 range. He noted that if this close happens, it could confirm the next major trend direction.
According to the analyst, a close above $1.50 could spark a major price explosion above $1.8, representing a more than 30% rally from current levels. On the flip side, if XRP were to close below $1.29, Martinez predicts this could invalidate the cryptocurrency’s bullish structure and trigger a steep correction back toward the $1 psychological support level.
from Bitcoinist.com https://ift.tt/BWPI0Vi
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