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XRP Sees Increased Accumulation, Exchange Supply 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 in the past 30 days. There are currently 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 has increased by 208% over the past day — rising from 159 to 489 unique transactions.
Despite the increased whale activity, the price of XRP continues to consolidate. XRP is up 0.4% in the last 24 hours and is trading at $0.478 at the time of writing. The asset’s market cap currently stands at $26.6 billion.
Additionally, the daily trading volume of XRP saw a 42% increase to reach $770 million.
According to data from Santiment, the inflow of XRP coins to the exchange increased from 58.66 million to 76 million tokens in the past day. On the other hand, the number of XRP coins leaving exchanges increased by 564% in the same period — increasing from 11.01 million to 73.14 million tokens.
While the 30% increase in XRP exchange inflows may suggest profit-taking by investors, the surge in exchange outflows shows that new holders are accumulating the cryptocurrency.
Furthermore, the XRP supply in exchangesboth centralized and decentralized, has been falling consistently since January 30. According to Santiment, there are 2.82 million XRP tokens on exchanges at the time of reporting.
XRP’s Relative Strength Index (RSI) is currently at 43. The indicator shows that the XRP price is not overheated and a possible price increase would be expected.