The entire digital asset market has not gotten off on the strongest foot thus far in 2024. Subsequently, Ripple has seen its value increasingly volatile, with most recent figures showing that XRP whales hold more than 67% of the overall supply. Moreover, that is the first time such a thing has happened since 2022.
On-chain analyst firm Santiment reported the rater interesting figures in a string of posts to X (formerly Twitter). Additionally, the firm reported a remarkable 217 whale transactions took place earlier this week. Specifically, this marked the most transactions worth $1 million or more since July of 2022 as well.
Also Read: Ripple XRP January End Price Prediction
XRP Whales Dominate Supply, Could it INdicate an Incoming Price Surge?
Thus far in 2024, the entire digital asset market has struggled. Despite a plethora of optimism at the tail end of last year, and landmark events to kick off the new year, the market has not responded as many have hoped. Indeed, Ripple was one asset that has certainly not lived up to expectations.
Following the reports of a hack on the firm’s co-founder, the asset fell more than 5% in price. Currently, the asset is fighting off further drops in value at a key level. Specifically, it is trading at $0.50, and falling more than 1.6% over the last 24 hours according to CoinMarketCap.
However, an interesting aspect of the overall price of the asset is the exposure of the supply. According to on-chain analysis firm Santiment, Ripple XRP Whales hold 67% of the total supply, the most since 2022.
Also Read: Ripple Co-Founder Hacked for 213 Million XRP
Specifically, that concentration of whales is the highest since December, which the firm notes makes it “one of the better candidates for a bounce,” depending on Bitcoin’s stabilization. Altogether, Ripple has long been a candidate for a stark reversal once the bottom is hit. Yet, many have wondered when that reversal could take place.
The Ripple co-founder’s hack certainly did nothing to help secure its confidence among investors. Yet, the overwhelming commitment from large value holers should indicate that very confidence. Still, the price will only turn when buying pressure increases. Subsequently, only time will tell when that will take place.