Accumulation of XRP rises as exchange supplies decrease

Data from the blockchain reveals that there has been an increase in XRP accumulation, while the number of tokens on exchanges continues to decline.

According to Santiment, a total of 20 new whale wallets have accumulated between 1 million and 10 million XRP tokens over the past month. Currently, there are 1,583 such whale wallets in existence.

In terms of whale activity, the number of transactions involving at least $100,000 worth of XRP has seen a significant increase of 208% in the past day, rising from 159 to 489 unique transactions.

Despite this heightened whale activity, the price of XRP remains relatively stable, experiencing a modest 0.4% increase in the past 24 hours and currently trading at $0.478. The market cap for XRP stands at $26.6 billion.

Furthermore, the daily trading volume for XRP has surged by 42%, reaching $770 million.

Data from Santiment also reveals that the inflow of XRP into exchanges has increased from 58.66 million to 76 million tokens in the past day. On the other hand, the outflow of XRP from exchanges has seen a significant rally of 564%, rising from 11.01 million to 73.14 million tokens.

While the increase in XRP inflow suggests that investors may be taking profits, the surge in outflow indicates that new investors are accumulating the cryptocurrency.

Additionally, the supply of XRP on both centralized and decentralized exchanges has been steadily decreasing since January 30. At present, there are 2.82 million XRP tokens on exchanges, according to Santiment.

The XRP Relative Strength Index (RSI) currently sits at 43, indicating that the price of XRP is not overbought and suggesting the possibility of a potential price hike.

In other news, historical data suggests that Bitcoin may have a positive performance in July.