- According to data from Ledger.exposed, the largest XRP addresses are currently buying XRP and are thus in an accumulation phase.
- The development could point to a soon rising XRP price and the start of an altcoin rally.
Bitcoin and the altcoin market have been caught in a sideways trend for several weeks now, from which the market has so far been unable to break out either downwards or upwards. XRP is following this trend and has recorded a price increase of 1.54% in the last 24 hours. The market capitalization has risen to $8.19 billion.
The richest addresses buy more and more XRP
According to the data analysis service Ledger.exposed, provided by the well-known Ripple developer Wietse Wind, some XRP whales have accumulated more than 1.5 million XRP in the last months. The following data shows the trend of accumulation in the last days and weeks in detail. The XRP investment has increased especially among investors who hold 10 million XRP or more on their wallet.
By looking at the exact figures, it is worth noting that 8 users are responsible for a huge amount of more than 1 billion XRP. Also, 8 investors own between 500 million and one billion XRP. In total, about 300 investors each own an amount over 10 million XRP. According to some opinions, the available figures could indicate a new XRP rally.
Since the beginning of the year, however, XRP has been performing rather below average compared to Bitcoin and Ethereum. XRP shows a minus of 6%, whereas BTC has increased by 30% and Ethereum by 76%. Some experts like Mati Greenspan, Senior Analyst at eToro, blame the monthly institutional sales of XRP for the price development.
However, Ripple CEO Brad Garlinghouse has stated on several occasions that Ripple and XRP exist independently of each other and Ripple has no influence on the price development of the digital asset XRP. Another report also confirms that monthly sales of XRP have not shown a significant impact on the price of XRP.
However, as the latest data also show, the number of XRP hodlers in Japan has decreased sharply in the last 12 months. In 2018, XRP led the market dominance in Japan with a share of 51.36%, well ahead of Bitcoin (34.57%). However, due to the poor performance, many investors have exited XRP and turned to Bitcoin since then, so that BTC now has a market share of 51.74 % and XRP of 27.54 % in Japan.
Messari: Altcoin market will change dramatically
Meanwhile, Messari CEO Ryan Selkis and Blockfyre co-founder Simon Dedic recently stated that the legacy coin market will change fundamentally and bring new projects into the top 10 cryptocurrencies. Bitcoin and Ethereum are projects that will survive in the long run, as they have already found a great adaptation. XRP, Bitcoin Cash, Bitcoin SV, Litecoin and EOS will be replaced by Altcoins with low market capitalization but better features.
Polkadot in particular is one of the projects with great potential due to strong funding from the Web3 Foundation. The Binance Coin will find great application as a utility token and value store.
Last updated on