NewsBTC reports a significant 7% increase in the price of XRP in the past 24 hours, with on-chain data indicating bullish trends in two crucial metrics. This surge is attributed to the increase in Active Addresses and Whale Supply related to XRP.
Santiment, a leading on-chain analytics firm, recently shared a post discussing these two metrics. The “Supply Distribution” metric reflects the quantity of tokens held by investors in a specific group. Investors are classified into cohorts depending on their XRP holdings. For instance, the 1 to 10 coins group includes investors owning between 1 and 10 XRP.
Of particular interest are the ‘whale’ entities, defined by a cutoff of 1 million coins, with no upper limit. At the current exchange rate, this translates to roughly $2.5 million, indicating only large investors fit within this group.
The analytics firm shared a chart showing the trend in Supply Distribution for these key XRP investors. As seen in the graph, XRP whales have consistently increased their Supply Distribution over the past year, indicating continued accumulation despite price fluctuations. In the last few months alone, this cohort added another 2.82 billion coins to their holdings, a 6.5% supply increase.
Consequently, holders of 1 million+ coins now possess 46.4 billion tokens of the cryptocurrency. This sustained long-term accumulation by this group is a bullish signal for the asset’s price.
Santiment also shared data on the second relevant metric – Active Addresses. This indicator tracks the total number of XRP addresses participating in transaction activity on the blockchain daily. As the graph shows, the number of Active Addresses has seen a significant rise in March, reaching levels approximately six times higher than those in January and February.
This high activity level indicates elevated interest in the asset, leading to more users engaging with the network. It’s important to note that this metric represents the activity level of retail holders, who outnumber the large investors or ‘whales’.
Given these positive developments on the network, it will be interesting to watch whether XRP’s latest recovery rally will hold. At the time of writing, XRP is trading around $2.51, reflecting an over 8% increase in the past seven days.
