On-chain data from Santiment reveals a significant shift in the cryptocurrency landscape, as whales have amassed over 380 million XRP tokens in just the past ten days. This noteworthy trend has caught the attention of renowned market analyst Ali Martinez, who shared the insights on X, highlighting the increasing confidence of large investors in XRP’s future.
Whales Betting On XRP’s Potential
These prominent investors, typically holding between 10 million and 100 million XRP, have been strategically accumulating the token over recent weeks. This behavior signals a growing bullish sentiment among large holders who see potential gains in the days and weeks ahead. According to Santiment’s data, there’s been a clear uptick in whale holdings, particularly following XRP’s price dip to just above $0.505 in the first week of September.
In a span of just over a week, these whales increased their holdings from 6.78 billion XRP to over 7.04 billion, a move that closely correlates with the token’s market performance. From September 6 to September 14, XRP’s price surged from $0.5059 to $0.5986, reflecting an 18.32% increase in a mere eight days. Although there was a slight correction in price afterward, whale accumulation has continued, peaking at 7.17 billion XRP by Thursday.
Nearing All-Time Highs
Current whale holdings are approaching an all-time high, reminiscent of the significant accumulation seen just seven weeks ago. In mid-August, following the resolution of the Ripple lawsuit, whales had built up their XRP reserves to approximately 7.2 billion tokens, which contributed to a 30% price spike. However, these whales later capitalized on their gains, reducing their holdings to around 6.5 billion XRP, which subsequently influenced XRP’s price drop back to $0.5059.
Also Read: Surfy’s XRP Integration Sparks Fast Payments – 3,400 Transactions Per Second In Seoul!
Why Are Whales Accumulating Again?
The renewed interest from whale investors prompts an important question: what factors are driving their confidence in XRP this time around? Several key developments have emerged that could be fueling positive sentiment:
- Grayscale XRP Trust Launch: Recently, Grayscale launched an XRP Trust, enabling both institutional and individual investors to gain exposure to XRP. Since its launch last week, the net asset value (NAV) of this trust has increased by over 11%, signaling growing institutional interest in the asset.
- Market Recovery: Following the brief bearish trend, the market appears to be stabilizing, encouraging whales to reposition their assets in anticipation of potential price rallies.
- Strategic Accumulation: As large holders typically react to price trends and market sentiments, their current accumulation reflects a calculated strategy to leverage future price increases.
With whale activity indicating strong bullish sentiment, XRP’s future looks promising. The strategic accumulation of over 380 million tokens in just ten days showcases the confidence of large investors in XRP’s potential. As key developments unfold, including Grayscale’s XRP Trust, the cryptocurrency market may witness significant shifts that could drive prices even higher. For now, all eyes are on XRP as it navigates this pivotal moment, potentially leading to a new wave of growth in the crypto space.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
