XRP whales have embarked on a massive accumulation spree, scooping up over 380 million tokens in just ten days.
Crypto trader Ali Martinez highlighted this trend on X. The move by these heavyweight investors suggests a bullish outlook for the digital asset in the near term.
On-chain data from analytics firm Santiment reveals a sharp uptick in whale holdings, with large investors consistently increasing their XRP positions in recent weeks.
#Ripple whales bought over 380 million $XRP in the past 10 days, worth around $228 million! pic.twitter.com/Fs9ayiHITA
— Ali (@ali_charts) September 19, 2024
This accumulation pattern closely mirrors XRP’s price movements, hinting at a potential correlation between whale activity and market valuation. As these deep-pocketed players push their collective holdings towards an all-time high, the crypto community is abuzz with speculation about XRP’s next big move.
The recent whale accumulation began in early September when XRP’s price dipped to around $0.505. Since then, these large investors have increased their holdings from just under 6.78 billion XRP to over 7.17 billion as of Thursday. This aggressive buying coincided with the price increase for XRP.
Interestingly, the current level of whale holdings is approaching the all-time high observed just seven weeks ago. In mid-August, shortly after the resolution of the Ripple lawsuit, whales accumulated a record 7.2 billion XRP tokens, contributing to a 30% price spike.
The subsequent reduction in whale holdings led to a price correction, with XRP dropping to $0.5059 this month after reaching $0.6416 in August.
Several factors may be driving this renewed whale interest in XRP. Recent developments, such as Grayscale’s launch of an XRP Trust, have contributed to positive sentiment around the token. The trust, which allows both institutional and individual investors to gain exposure to XRP, has seen its net asset value surge by over 11% since its launch last week.
As whales continue to accumulate XRP, market participants are closely watching for signs of a potential price surge.