In recent days, XRP has experienced a significant price surge, largely driven by increased activity from major investors. Whale accumulation of the token has been particularly notable, with prominent players loading up their XRP holdings near an all-time high.
A recent Santiment report shows that whales have accumulated more than 380 million XRP tokens over the past ten days.
Whales Accumulate 380 Million Ripple Tokens in 10 Days, with Holdings Nearing All-time High
In an X post, renowned market analyst Ali Martinez highlighted the recent trend in whale accumulation of XRP tokens. He shared on-chain data from Santiment showing that whales have amassed over 380 million XRP tokens in just ten days.
#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
According to the data, whales holding between 10 million and 100 million XRP have consistently increased their holdings over the past weeks. This accumulation trend indicates their confidence in the cryptocurrency’s potential for further gains.
The accumulation coincided with recent XRP price dips, allowing these players to seize the opportunity. According to Santiment’s data, whale holdings spiked sharply as XRP’s price fluctuated and surged to levels nearing their all-time highs.
In early September, when the token’s price dipped to just above $0.505, whales seized the opportunity to accumulate more XRP. Over several days, their holdings jumped from just below 6.78 billion XRP to over 7.04 billion.
This strategic accumulation closely mirrored XRP’s market performance. Between September 6 to September 14, the token’s price rose from $0.5059 to $0.5986, representing an 18.32% increase.
Despite a minor correction in the following days, whale holdings continued to rise, reaching 7.17 billion XRP as of Thursday. Interestingly, these current whale holdings are approaching levels seen 7 weeks ago when whale activity peaked, soon after the resolution of Ripple’s lawsuit.
At that time, whales collectively held around 7.2 billion tokens, which drove XRP’s price up by 30%. However, some whales sold off their holdings shortly after, taking advantage of the price gains. This sell-off contributed to XRP’s price drop to $0.5059 after hitting a high of $0.6416 in August.
Factors Fueling Whale Confidence in XRP
The resurgence of whale accumulation raises questions about the factors behind their renewed confidence in XRP. Several developments in the XRP ecosystem may be contributing to this positive sentiment.
One key factor is the recent launch of the Grayscale XRP Trust, allowing institutional and individual investors to gain exposure to XRP. This development further established the token’s position within the financial community.
Since its launch last week, the Grayscale XRP Trust’s net asset value (NAV) has surged by over 11%, demonstrating strong investor interest.
Additionally, XRP continues to benefit from its association with Ripple’s ongoing advancements and partnerships in the financial sector. As the company strengthens its presence in cross-border payments, investor confidence in XRP remains robust.
Outlook for XRP
The current whale accumulation signals that large investors are positioning themselves for potential gains in XRP. With on-chain data showing continued interest from prominent players, it’s clear that we see further upside potential for the token.
While the short-term market outlook remains uncertain, the recent price surge and accumulation suggest that XRP could commence another bullish phase.
Investors will closely watch for developments in the cryptocurrency’s ecosystem that could further propel its value in the coming weeks.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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