Despite the larger market's bearish undertone, some whales have activated their movements in the market as they eye long-term gains.
Whales (holders of between 1 million and 10 million XRP) are buying up to XRP, according to a recent study by Santiment. The blockchain analytics firm revealed that these large holders of the cryptocurrency have been stocking up recently as price volatility in digital assets markets increases rapidly over the last few weeks and months.
According to Santiment, in just 11 days, the wealthiest non-exchange XRP holders saw their collective holdings increase by 2.4%.
Santiment says that the whales are in control of at least 10 million XRP, which constitutes a majority of the coin's total supply.
New data from Santiment shows that despite the decline in price, Bitcoin wallets holding between 100 and 1000 BTC continue to grow.
The firm notes that transaction fees recently dropped to $2.54, the lowest for this smart contract platform since July. Santiment says you can expect an increase in price after these lower rates go below $5.
At the time of writing, XRP is worth $0.3924. Bitcoin is trading for $29,125.51 and Ethereum is changing hands at $1,801.95.
