Ripple (XRP) whales showed undeterred confidence in the midst of turbulent times as 143 million XRP tokens, amounting to $55.96 million, were transferred via the network. Whale Alert reported this large transaction.
Prior to this transaction, the whale tracking profile had noted various significant XRP transfers. In December 2022 alone, more than 100 million XRP was moved between wallets.
Afterward, Ripple’s network growth was not able to recover, having been on a decline since 4 December, according to Santiment data. At the time of writing, it had dropped to 611.
An analysis of this situation revealed that there were very few fresh addresses engaging in the Ripple chain. As a result, the majority of activity was undertaken by large investors, with retail traders remaining as bystanders.
In terms of supply, the on-chain data revealed that the amount of XRP held outside of exchanges has remained steady at 99.97 billion.
This indicates that token holders have not followed the team’s recommendation to protect their holdings by using decentralized exchanges or self-custody.
In addition, the one-day circulation of XRP has also followed the overall trend of the network. As of this writing, the circulation had dropped to a low of 104.42 million, indicating that there are few new addresses participating in the network.