In the past 24 hours, XRP whales have significantly increased their XRP holdings, scooping up over 50 million XRP worth approximately $29.5 million.
Ali Martinez, a well-known technical and on-chain analyst, highlighted this development in a post on X today, citing data from intelligence platform Santiment.
This sudden spike in XRP whale accumulation could indicate bullish sentiment among large investors, potentially signaling a short-term positive price movement. At the time of reporting, XRP is trading at $0.5934, up slightly by 0.13%.
Whales Accumulating XRP
Data from Santiment reveals an increase in significant whale transactions, particularly those exceeding $1 million and $100,000. The chart shows a noticeable uptick in both the number of large transactions and the total XRP holdings of whales. These are whales holding between 1,000,000 and 10,000,000 XRP coins.
Whale accumulation of assets like XRP is often seen as a bullish indicator, reflecting confidence in the asset’s potential. Large holders typically increase their positions when they anticipate future gains from positive market sentiment or upcoming announcements that could increase prices.
The accompanying chart clearly depicts how XRP’s price movements have mirrored increased whale activity over the last eight weeks. XRP’s value has typically fluctuated—rising and falling—in tandem with the level of whale transactions.
This trend was especially noticeable earlier this month. On August 7, the same tier of investors who amassed 50 million XRP today expanded their holdings significantly, accumulating over 662 million tokens to hold a total of 7.06 billion XRP. Remarkably, this was an all-time high holding record for XRP whales.
The massive buying spree coincided with the end of the Ripple-SEC lawsuit, which triggered a significant 30% spike in XRP’s market value. Just two days before this ruling, XRP had dipped to $0.43 but rallied up to $0.64 by August 8 amid these developments.
Currently, XRP is trading around $0.5934, with the price showing some volatility over the past few weeks. The increase in whale holdings suggests that these key players are likely betting on a favorable development for XRP.
However, not all market participants are optimistic about the impact of ongoing whale accumulation. One X user remarked that whales might be buying XRP now only to sell it off in a few weeks.
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.
