XRP whales have been on a buying spree in recent days, snapping up 70 million tokens as the price rebounded above $1.11.
The accumulation comes as Binance reserves for XRP fell to a five-month low of 2.61 billion tokens, according to CryptoQuant data.
This trend is also reflected in Santiment's data, which shows that wallets holding between 1 million and 10 million XRP have increased their combined balance to nearly 3.83 billion tokens.