In a surprising revelation, prominent crypto analyst Ali Martinez reveals that XRP whales have engaged in a buying spree, accumulating a staggering 11 million XRP over the past week.
The total value of these acquisitions stands at an impressive $6.82 million, marking a notable uptick in bullish activity within the market.
Analyzing on-chain data, Martinez illustrates the significant surge in XRP whale activity by providing a chart detailing the trajectory of their purchases. Remarkably, these big players now boast a collective XRP wealth exceeding 10.45 billion tokens, representing slightly over 10.5% of the total XRP supply.
#Ripple | On-chain data shows that #XRP whales have purchased around 11 million $XRP over the past week, worth roughly $6.82 million! pic.twitter.com/VnWpaMoOYR
— Ali (@ali_charts) November 25, 2023
What makes this development particularly intriguing is its occurrence amid a persistent downtrend in XRP price, characterized by lower lows and lower highs over the past three weeks. However, this downward trend did not deter the whales, who seized the opportunity to amass XRP at a rapid pace during this period.
A notable instance was observed last Tuesday and Wednesday, when the market experienced a substantial 5.4% dip only to rebound the following day. Analysts and experts view such takeovers as bullish signals, indicative of strong buying interest from major players.
The overarching question now echoes throughout the crypto community: Is XRP on the verge of a significant surge? While the answer remains uncertain and depends on various factors, the heightened interest and active participation of major players undeniably add a positive dimension to the XRP narrative.
The market eagerly awaits to see if this influx of XRP by whales is a precursor to a potential upward trajectory in its price, marking a major moment for the popular cryptocurrency.
