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On-chain data shows XRP shark and whale population has climbed to a new record alongside a spike in activity on the blockchain.
XRP Wallets With 1 Million+ Tokens Have Set A New Record
In a new post on X, the on-chain analytics firm Santiment has discussed the latest trend in a couple of indicators related to the XRP network. The first metric of relevance is the “Supply Distribution,” which tells us, among other things, the number of wallets that belong to a particular coin range.
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In the context of the current topic, the range of interest is above 1 million coins (with the upper bound being infinity). This cutoff for the range converts to about $2.2 million at the current exchange rate, which is quite significant.
Naturally, the only investors who would qualify for this threshold would be the big-money ones. Such holders are popularly known as the sharks and whales. Generally, the influence of any entity on the network goes up the more coins that they hold, so this cohort, with its large holdings, can carry some degree of power.
As such, the behavior of the sharks and whales can be worth keeping an eye on. If nothing else, it can at least inform us about what the sentiment may be like among these humongous investors.
Now, here is the chart shared by Santiment that shows the trend in the Supply Distribution of these 1 million+ holders over the past year:
As displayed in the above graph, the XRP Supply Distribution has recently registered an uptick for sharks and whales, implying more wallets carrying above a million coins have popped up on the network. This could be an indication that some new big-money investors have potentially joined the chain. Following the increase, the network now has 2,708 wallets of this size, which is a new record.
In the same chart, the analytics firm has also attached the data of the second relevant metric: Daily Active Addresses. This indicator measures the unique total number of wallets that are becoming involved in some kind of transaction activity on the network every day, whether as a sender or receiver.
Since the smaller entities like retail massively outweigh the large investors in terms of number, this metric essentially represents the amount of activity that the entities on the smaller end of the network are participating in.
From the graph, it’s visible that the XRP Daily Active Addresses have recently observed a large spike. Over the past week, the metric has averaged a value of 295,000 addresses daily, which is a drastic jump over the 35,000 to 40,000 figure witnessed during the last three months.
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“The XRP ledger is showing serious signs of growth, from both a usage and key stakeholder perspective,” notes Santiment. It now remains to be seen what effect, if any, these changes in network metrics would have on the cryptocurrency’s price.
XRP Price
XRP shot up beyond the $2.33 mark yesterday, but it seems bullish momentum has already faded as the coin has dropped back to $2.20.
Featured image from Dall-E, Santiment.net, chart from TradingView.com
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