Prominent digital asset market watcher James Rule has recently drawn attention to the shift in XRP’s rich-list. The global XRP ownership is divided among many different entities, including corporations, universities, hedge funds & personal holdings.
Sponsored
The data from XRP Ledger’s native blockchain explorer puts Ripple Labs as the top holder with 39.5% accounts on the XRP rich-list. There’s also a handful of popular crypto exchanges that are sharing the cake. Upbit leads the pack with 6.4%, according to XRPScan.
High Concentration Among Biggest XRP Believers
Coinbase comes second with 5.8% accounts on the rich-list, while Binance has 2.75% accounts in place. Uphold & Robinhood are among the other significant holdings in the top-tier list, ranging from around 1.7% to 2.5%. The snapshot contains quite a few crypto celebrities on the roster.
Ripple’s Co-Founder Chris Larsen appears on the XRP rich-list list under the label “chrislarsen.” His 7 accounts hold 2.53% of XRP in the rich list. Arthur Britto, another XRP co-creator, appears under the label “ahbritto” with 7 accounts holding 1.30%.
The remaining 9,420 present XRP rich-list accounts hold 24.78% collectively. XRP held outside the top 10,000 accounts accounts for 10.30%. The on-chain data reveals high concentration at the top of the ledger, but it does not establish exact beneficial ownership across those accounts.
The Big Shift Explained & XRP’s Price Implications
The biggest shift is the higher concentration of crypto whales, otherwise known as big-time XRP investors. This is typically a bullish sign in the long-term, given that XRP’s price stabilizes above multi-month thresholds where buyers tend to step in.
Meanwhile, XRP’s price setup remains in a tight range, with quiet price movement for the past week. The bulls are kept inside the low-to-mid boundary of the Bollinger Bands (BOLL), with no bullish breakthrough unless the altcoin sustains above $1.34 on the daily time-frame.
In the broader term, XRP’s $1.67 is the resistance level to watch in case of a bullish breakout.
Conversely, the lower-boundary Bollinger Band offers strong support at $1.01, per TradingView’s data. The picture on Derivatives has flipped to bullish: the long versus short ratio stands at 1.09, while short-selling liquidations top $2.02 million in contrast to bulls’ $1.98 million.
Dive into DailyCoin’s popular crypto news today:
SEC Custody Proposal Can Give Advisors More Room to Hold XRP
Google Cloud London Outage Knocks Out Revolut, Bank Services