According to the blockchain analytics company Santiment, the largest holder of XRP has reached an important milestone in accumulation, with their share of the cryptocurrency supply rising to the highest level in nearly four years.
Santiment stated in the latest update that wallets holding at least 10 million XRP currently control a total of approximately 46.87 billion tokens. According to the company's tracking method, this corresponds to about 68.5% of the total supply, setting a new high for the concentration of holdings by these whales since November 2022.
Against the backdrop of XRP having mediocre price performance, this change is particularly noteworthy. Despite continuous increases in holdings by major holders, this cryptocurrency related to Ripple still struggles to achieve a convincing rebound, with its trading price hovering around $1.30.
The divergence between the whale activities and the price of XRP indicates that, although small investors remain cautious, some of the largest market participants are increasing their exposure.
Santiment believes that if the continuous accumulation during the weak phase is eventually accompanied by a reduction in selling pressure, it may create favorable conditions for a price rebound.
However, an increase in the concentration of holdings at large addresses by XRP does not necessarily mean that there will be immediate buying pressure. Some of these wallets may belong to exchanges or to institutional custodians that hold assets on behalf of multiple investors.
XRP The derivatives market remains active.
Meanwhile, the latest derivative data for CoinGlass shows that despite the relatively sluggish performance of XRP's price, speculative activities surrounding that token remain quite active.
Currently, the open interest in XRP futures amounts to approximately $2.96 billion, which reflects the total value of the outstanding derivative contracts.
Within the past 24 hours, the trading volume of XRP futures reached 2.22 billion US dollars, which is significantly higher than the spot trading volume of approximately 387.42 million US dollars.
This means that the volume of futures trading is nearly six times that of spot trading, highlighting the important role that leveraged traders still play in the XRP market.
CoinGlass also records that during the same period, the futures settlement amount of XRP was approximately 1.26 million US dollars.
