On-chain data shows that XRP whales have been involved in a immense accumulation over the past week, which could have a positive impact on the price of the asset.

XRP whales bought over 140 million tokens in the past week

As analyst Ali Martinez explained in a recent article fasting on X, XRP whales have recently increased their share of supply. The on-chain metric that is relevant here is analytics firm Santiment’s “Supply Distribution,” which tells us the total number of tokens a given group of wallets holds.

Addresses or investors are divided into these groups based on the number of coins they have in their balance. For example, the 1 to 10 coin cohort includes all wallets that have at least one and at most ten asset tokens.

If we apply supply distribution to this group, we will find out how much supply is available to these addresses and how much is required to meet this condition.

In the context of the current discussion, whales are a group of interest that can be defined as holders who hold between 1 and 10 million XRP. At the latest exchange rate, this range translates to $600,000 at the low end and $6 million at the high end.

These investors are quite immense. The influence of any entity in the market usually increases with the amount of assets it holds, so whales, with their huge holdings, can be considered influential beings.

It is therefore worth following the actions of this group, as they may at least provide some indication of the mood among these huge holders.

Below is a chart provided by the analyst that shows supply distribution data for this group.

As shown in the chart above, the supply of XRP whales has increased significantly over the past week. These investors added 140 million tokens (worth over $84 million) to their holdings during this window.

This cohort accumulation came as the cryptocurrency was already trading at relatively high levels following its recent rally rebound. So buying would suggest that whales believe there is potential for further growth.

It now remains to be seen whether the bet by these huge holders will pan out and price will continue its rally. However, the metric could be monitored in the coming days as any decline could turn out to be bearish.

XRP Price

At the time of writing, XRP is trading at around $0.60, up almost 4% over the past seven days.