On-chain data indicates that XRP accumulation is on the rise as the number of tokens on exchanges continues to decline. According to data from Santiment, 20 new whales have accumulated between 1 million and 10 million XRP tokens over the past 30 days. Currently, there are 1,583 such whale wallets.

Market intelligence data reveals that the number of whale transactions involving at least $100,000 worth of XRP surged by 208% over the past day, increasing from 159 to 489 unique transactions.

Despite the increased whale activity, the XRP price continues to consolidate. XRP is up by 0.4% in the past 24 hours and is trading at $0.478 at the time of writing. The asset’s market cap is currently $26.6 billion.

Moreover, daily XRP trading volume recorded a 42% surge, reaching $770 million.

Santiment data shows that XRP exchange inflow rose from 58.66 million to 76 million tokens over the past day. Conversely, the number of XRP coins leaving exchanges surged by 564% in the same timeframe — rising from 11.01 million to 73.14 million tokens.

While the 30% increase in XRP exchange inflow could suggest investors are taking profits, the rally in exchange outflow indicates that new holders are accumulating the cryptocurrency.

Additionally, the XRP supply on exchanges, both centralized and decentralized, has been consistently dropping since January 30. According to Santiment, there are 2.82 million XRP tokens on exchanges at the reporting time.

The XRP Relative Strength Index (RSI) is currently at 43. This indicator suggests that the XRP price is not overheated, and a potential price hike may be expected.

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