Amid the ongoing price volatility impacting XRP and the rest of the crypto market, whale addresses have accumulated over 600 million XRP since April 5.
XRP’s performance this year peaked when it soared to the yearly high of $0.7449 on March 11, leveraging the Bitcoin (BTC) uptrend at the time. However, as BTC collapsed, so did the rest of the market, with XRP witnessing a similar decline.
Despite the resilience it demonstrated at the close of March, the month of April introduced fresh bearish pressure, with XRP recording three consecutive days of declines from April 1 to 3, which culminated in an 8.97% crash to the $0.56 price level.
XRP embarked on a recovery, riding on the broader market rebound, from April 7, surging to a high of $0.6426 before eventually seeing a steeper price collapse, as it dropped to $0.42 on April 13. Nonetheless, market analyst Ali Martinez has recently pointed out that this collapse did not impact the optimism among whales.
XRP Whales in an Accumulation Spree
Citing data from Santiment, Ali confirmed in a post that addresses holding between 10 million and 100 million XRP have continued to augment their holdings amid the market downturn.
$XRP dropped from $0.62 to $0.41, and #crypto whales took notice. They've bought over 31 million #XRP in just the past week! pic.twitter.com/3FCA3PR3hi
— Ali (@ali_charts) April 23, 2024
Notably, the accompanying chart suggests that these addresses embarked on an aggressive buying spree following XRP’s 24% collapse from April 11 to April 13. With XRP trading at a shocking low of $0.42, the whales launched a buy-the-dip campaign, scooping up more tokens.
Santiment data shows that, as a result of this accumulation craze, these addresses have procured 30 million XRP tokens currently worth $16.4 million over the last week. This buying spree brought their cumulative balance to 6.75 billion XRP ($3.69 billion) at the time of Ali’s disclosure.
Whales Amass 600M XRP in 2 Weeks
Interestingly, further scrutiny from The Crypto Basic revealed that these whales had begun the purchase spree as early as April 5, shortly after they persistently sold off their holdings. Due to the selloffs, which began on March 30, their cumulative balance dropped to 6.16 billion XRP on April 5.
However, the accumulation began on April 5, with their balance now sitting at 6.76 billion as of press time. This implies that these whales have procured 600 million XRP over the last two weeks.
To support this trend, The Crypto Basic previously revealed today that addresses holding at least 1 million XRP have continued to increase in number. These wallets surged to 2,013 yesterday, with just one wallet left to hit the record high of 2,014 witnessed last June.
Meanwhile, currently trading for $0.5483, XRP’s recent uptrend, which saw it close yesterday with a 6.10% spike, has lost momentum. Its daily RSI has seen a mild decline today, dropping to 48.05. However, this figure confirms that XRP still has room for more growth.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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