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In the face of a global correction in the cryptocurrency market, many coins have experienced a strong correction. But while retail traders suffered losses, selling their assets in panic, the whales were actively accumulating and increasing their positions at a discount.
According to the accumulation chart on addresses with over 1 million XRP coins, whales have added more than 6% to their previous hoard and currently hold 3.3 billion XRP, which is roughly $ 2.6 billion.
🐳 #XRPNetwork is currently sitting at about $0.81, but smart money whale millionaires have kept up their one-year trend of accumulating more supply. Addresses with 1M to 10M $XRP hold 3.31B, including a 6% increase to their holdings in the past 3 months. https://t.co/fgP6nxM5TL pic.twitter.com/AnOV33Eo1d
— Santiment (@santimentfeed) December 11, 2021
The strong trend towards XRP accumulation began in December last year, when only 5.6% of addresses with balances between 1,000,000 and 10,000,000 XRP remained, after the SEC sued Ripple and its executives. This year’s local peak in the share of large wallets was reached in July. Whales currently account for 6.2% of all wallets on the network and contain 3.31 billion XRP.
Looking at the chart, XRP tends to be inversely correlated with the indicator, which means that the percentage of whales on the network increases whenever the price drops continuously or instantly. Whales accumulate while weak hands sell to themselves at a loss.
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