Payments-focused cryptocurrency XRP’s price has risen over 8% in five weeks, and during this time there has been a notable divergence in the accumulation trends of large holders or whales and small holders.
According to on-chain data from Santiment, wallets holding between 100,000 and 100 million XRP have added 2.8% more coins to their balance over the past five weeks. This accumulation of whales and sharks coincided with the token returning to $1.16 from $1 in late June, suggesting that stronger hands are leaning into the current price action.
At the same time, the smallest wallets have lost 5.2% of their holdings in the same period. This capitulation from small owners stands in stark contrast to the buying pressure from key stakeholders.
These divergent trends are bullish for XRP, according to Santiment.
“Historically, the XRP price has tended to move more with key stakeholders and against the smallest retail wallets, so this split supports the bullish case behind the rejection,” noted the firm at X.
The timing coincides with several positive fundamental developments for XRP, such as improved institutional access through potential ETF products and continued utility of the XRP Ledger for payments, tokenization and the RLUSD stablecoin, the firm explained,
