Recent data from Santiment, shared by cryptocurrency analyst Ali Martinez, highlights a significant accumulation of XRP tokens by large holders, commonly referred to as “whales.” These whales added 100 million XRP to their portfolios over just 48 hours, with these holdings valued at $327.48 million, based on XRP’s trading price of $3.27 at the time.
Whale Activity During Price Swings
This accumulation coincided with a period of high price volatility for XRP:
- Initial Drop: XRP experienced a sharp decline of over 10%, falling from $3.27 to $2.92.
- Recovery Surge: Following the dip, XRP rebounded strongly, surging by 14% to peak at $3.33.
The whales’ purchases during the price drop indicate strategic buying behavior, leveraging the lower price point to strengthen their positions.
Current Market Overview
- Price Movement: XRP is currently trading at $3.07, marking a 5.72% decline over the past 24 hours.
- 24-Hour Trading Range: $3.05–$3.27, reflecting notable volatility.
- Trading Volume: $17.88 billion, a 9.52% decline from the previous day.
- Market Capitalization: $177 billion, down 5.70%, with a volume-to-market cap ratio of 10.36%.
The circulating supply of XRP stands at 57.56 billion tokens, providing significant liquidity for trading activities.
Impact of Whale Activity
Santiment’s data reveals that the whales’ acquisitions occurred during the price dip, underscoring their potential influence on market sentiment. The timing of these purchases suggests that large holders view XRP’s price drops as opportunities for accumulation, potentially stabilizing the market during periods of decline.
Conclusion
The accumulation of 100 million XRP by whales during a period of volatility emphasizes their critical role in shaping market trends. These strategic moves during price dips and recoveries highlight the need for traders to monitor whale behavior closely to anticipate potential market movements.
As XRP navigates this turbulent phase, the actions of these major holders will remain a significant factor in determining its price trajectory. Market participants should watch for further accumulation or distribution signals from these large holders, as these could indicate upcoming shifts in market dynamics.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.