Top XRP holders now control the largest portion of XRP’s supply since 2022. According to the latest data from Santiment Intelligence, wallets with at least 10 million XRP coins on balance now take up 68.5% of all circulating supply.
10M+ XRP Holders Claim Highest Share Since 2022
The key signal this delivers is the creme-de-la-creme members of the XRP rich-list continuing to acquire tokens even amid a drastic downwards price shift. At the current $1.29 level, the metrics related to token concentration are turning bullish.
The popular altcoin has been trading within the tight range of $1.28 to $1.32 for about a week now. The bigger question is whether XRP can flip this demand zone into a bigger bounce.”$1.30 is the immediate pivot, with $1.50 becoming the stronger confirmation level.”, states the shared analysis.
XRP’s rich-list shift confirms an accumulation tide that’s particularly strong across wallets holding 10 million and above. Whether this translates into a wider demand and XRP price appreciation, depends on the OG altcoin’s demand. Right now, the volumes on Spot and Futures markets are both around $3 billion a day.
Perpetual Sentiment Flips Bullish With High OI Rate
On speculative markets, the leveraged players have been counting on XRP’s price rebound, judging from the 1.01 long versus short ratio. Within $1.32 million liquidations, short-sellers got wrecked harder with $718.25K liquidated in 24 hours, says CoinGlass. Binance’s customers are particularly bullish with long XRP plays tripling the short-selling ones.
This has pushed the Open Interest (OI) weighted funding rate to a high-level green territory, implying the short-sellers are paying for bulls’ positions on the Perpetual markets. Further on, the 1878.49% increase in XRP Options Open Interest serves as a growing niche example that added $77.56M to the cumulative trading volume.
XRP’s bulls will now be looking to sustain above $1.30 on the daily time-frame, adding fuel to Santiment’s bullish thesis towards $1.50. Favorable rich-list metrics don’t guarantee immediate price results, but the $1.28 – $1.32 price area has been treated as an appealing liquidity pocket multiple times handing out the same effect.
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