After a prolonged period of consolidation, cryptocurrency activity has picked up this week, with global crypto market capitalization rising by 2% during that period.
This renewed momentum has prompted large investors to accumulate select altcoins. Ripple (XRP), Litecoin (LTC), and Toncoin (TON) are among the assets seeing increased whale activity.
Ripple (XRP)
Ripple’s XRP has seen an uptick in whale activity this week. According to Santiment, large investors holding between 1,000,000 and 10,000,000 XRP tokens have acquired 180 million tokens valued above $590 million at current market prices in the past seven days.
XRP Supply Distribution. Source: Santiment
Apart from the improving market sentiment toward XRP, the whale accumulation is partly driven by reports that President-elect Donald Trump is open to establishing an “America-first strategic reserve” of cryptocurrencies, which reportedly includes XRP, among other assets.
Moreover, despite the US Securities and Exchange Commission formally beginning its appeal in the legal battle against Ripple Labs, XRP whales have continued to buy the coin. This development has not dampened investor enthusiasm for Ripple’s XRP, whose value climbed to an all-time high on Thursday.
Litecoin (LTC)
Litecoin (LTC) is another crypto asset that has caught the attention of crypto whales this week. In the past seven days, LTC whales that hold more than 10,000 coins have acquired 300,000 LTC worth more than $41 million.
LTC Supply Distribution. Source: Santiment
This trend is fueled by optimism about the potential approval of a spot Litecoin exchange-traded fund (ETF) in the US. Canary Capital’s recent amendment to its S-1 registration form with the Securities and Exchange Commission (SEC) on January 15 signals progress toward making this approval a reality.
If the trend persists, LTC’s price will climb to $147.
Toncoin (TON)
Telegram-linked Toncoin (TON) is among the altcoins that found favor with crypto whales this week. This is reflected by the 1048% spike in its large holders’ netflow in the past seven days.
Large holders are whale addresses that hold more than 0.1% of an asset’s circulating supply. When their netflow increases, they have accumulated more coins than they have sold during the review period.
TON Large Holders Netflow. Source: IntoTheBlock
If TON whales continue to buy the altcoin, it may climb toward $6.
