XRP sees increased accumulation, supply on exchanges declines

On-chain data shows that XRP accumulation has increased as the number of tokens on exchanges continues to decline.

According to data provided by Santiment, 20 new whales have accumulated between 1 million and 10 million XRP tokens over the past 30 days. Currently, there are 1,583 such whale wallets. 

XRP price, RSI, exchange activity and whale activity – July 2 | Source: Santiment

Data from the market intelligence platform shows that the number of whale transactions consisting of at least $100,000 worth of XRP surged by 208% over the past day — rising from 159 to 489 unique transactions.

Despite the increased whale activity, the XRP price continues to consolidate. XRP is up by 0.4% in the past 24 hours and is trading at $0.478 at the time of writing. The asset’s market cap is currently sitting at $26.6 billion.

Moreover, the daily XRP trading volume recorded a 42% surge, reaching $770 million.

Per data from Santiment, the XRP exchange inflow rose from 58.66 million to 76 million tokens over the past day. On the other hand, the number of XRP coins leaving exchanges rallied by 564% in the same timeframe — surging from 11.01 million to 73.14 million tokens.

While the 30% hike in the XRP exchange inflow could suggest investors’ profit-taking, the rally in its exchange outflow shows that new holders are accumulating the cryptocurrency. 

In addition, the XRP supply on exchanges, both centralized and decentralized, has been consistently dropping since January 30. According to Santiment, there are 2.82 million XRP tokens on exchanges at the reporting time.

The XRP Relative Strength Index (RSI) is currently sitting at 43. The indicator shows that the XRP price is not overheated, and a potential price hike would be expected. 

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