XRP: 600 Million Token Influx As Whales Make Their Presence Felt
April 24 2024 - 2:14AM
NEWSBTC
The cryptocurrency market continues to grapple with volatility, and
XRP has been no exception. After a promising start to the year, the
price of XRP has mirrored the broader market slump triggered by
Bitcoin’s correction. However, amidst the bearish sentiment, a
different story is unfolding underwater – one involving
deep-pocketed investors, or “whales,” accumulating the altcoin at a
significant clip. Related Reading: Solana Meme Coin Massacre: 12
Projects Gone In 30 Days, $27 Million Vanished XRP Whales
Accumulate Millions Despite Price Drop While the price of XRP has
dipped considerably from its highs in March, whale addresses have
been quietly going on a buying spree. According to data from market
intelligence platform Santiment, analyzed by market researcher Ali
Martinez, addresses holding between 10 million and 100 million XRP
have been steadily adding to their holdings since early April. This
buying frenzy intensified after XRP’s sharp price drop in
mid-April, with whales capitalizing on the lower prices in a
classic “buy-the-dip” strategy. $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 The data reveals that these whales
have scooped up a staggering 30 million XRP tokens in the past week
alone, bringing their cumulative holdings to a hefty 6.75 billion
units. This buying spree indicates a potential shift in sentiment
among these large investors, who seem unfazed by the short-term
price fluctuations and might be betting on XRP’s long-term
prospects. Deeper Dive: Whale Activity Hints At Bullish Sentiment
Taking a deeper dive, latest data suggests that this accumulation
trend began even earlier, on April 5th. Interestingly, this
coincides with the tail end of a selling period by these same
whales, where they offloaded some of their holdings. However, since
April 5th, the buying spree has been relentless, with whales
amassing over 600 million XRP in just two weeks. This significant
accumulation suggests a renewed confidence in XRP, potentially
signaling a bullish outlook from these key market players. Total
crypto market cap currently at $2.391 trillion. Chart: TradingView
Further bolstering this notion is the recent surge in the number of
addresses holding at least 1 million XRP. These “mid-tier whales”
have been steadily increasing, with their ranks reaching a
near-record high of 2,013 on Tuesday. This broader participation
from various tiers of large investors adds weight to the idea that
XRP might be undervalued at its current price point. 🐳 The price of
#XRP has jumped ahead of the #altcoin pack, jumping +6% and as high
as $0.5687 today. The amount of wallets, 2,013, holding at least 1M
$XRP has been surging over the past six weeks (rising 3.1%), and is
within 1 wallet of the #AllTimeHigh. https://t.co/2ZfC9v79x9
pic.twitter.com/rqKgcOYJJx — Santiment (@santimentfeed) April 22,
2024 XRP Outperforms Other Altcoins Meanwhile, Santiment disclosed
that XRP is outpacing the other altcoins in terms of wallet size.
Wallets holding 1 million or more coins have increased, with a 3%
gain over the last six weeks. The increase of significant XRP
holdings indicates that investors’ interest and confidence are
rising. Related Reading: The Cardano $1 Dream: Is A Price Explosion
Coming Or Just Deja Vu? While whale activity can be a significant
indicator of sentiment, it shouldn’t be the sole factor driving
investment decisions. However, the recent buying spree by XRP
whales is a noteworthy development, suggesting a potential shift in
sentiment and a possible turning point for the coin’s price.
Featured image from Pixabay, chart from TradingView
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