Whales Accumulate 40 Million XRP In 48 Hours – Where’s The Price Headed?

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As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of market trends and accumulation patterns. The recent XRP whale accumulation trend is intriguing and reminiscent of similar situations I’ve observed in the past. While it may not seem significant at first glance, given the history of XRP, this could be a sign of things to come.

As a crypto investor myself, I’ve recently taken note of an intriguing accumulation pattern in XRP that Ali Martinez has pointed out. Despite the ongoing price volatility, Martinez has highlighted data from Santiment’s on-chain analytics platform indicating significant purchases by XRP whales to the tune of approximately 40 million XRP within the past 48 hours. This trend could potentially signal a bullish outlook for XRP in the near future.

During this timeframe, there’s been a noticeable increase in the pattern of substantial deposits and withdrawals related to cryptocurrency trading platforms, as underscored by the whale transaction monitor, Whale Alerts, over the same duration.

Whales Buy Millions Of XRP

In a recent post on social media platform X, Martinez shared a Santiment data chart that illustrates the total holdings of XRP addresses containing between 1 million and 10 million XRP tokens.

It was noted that groups of traders have accumulated close to 40 million XRP within the last 48 hours, equating to around $22 million. Although this may seem relatively small compared to usual transactions by large XRP holders, or ‘whales’, it’s a significant change as it’s the first substantial increase in these wallets since the start of the month.

According to the chart provided by Martinez, there seems to be a troubling pattern emerging. The combined amount of XRP held in these ‘whale’ wallets has been dropping significantly since October 1st. On that date, the total holdings for this particular group were roughly estimated at around 3.93 billion XRP.

In just a few days, these wallets suffered a significant loss of approximately 130 million XRP, reducing their total holdings to a three-month minimum of 3.8 billion XRP by October 8. However, within the last day, these large whale addresses have been amassing XRP again, causing their combined holdings to rise to 3.85 billion XRP.

Based on information provided by Whale Alerts, significant amounts of XRP have been moving in and out of cryptocurrency exchanges over the past day. The largest of these transactions involved the transfer of 104 million XRP tokens, worth approximately $55 million, from an unidentified wallet to another unidentified wallet.

A significant transaction involved the moving of approximately 52 million XRP tokens, valued at around $27.8 million, from an unidentified wallet to the crypto platform, Bybit. Subsequently, about 30 million XRP tokens were shifted from Bybit to a different private wallet.

Is XRP Headed To $0.5 Or $0.6?

Over the past week, XRP‘s price movement has been fairly stable, oscillating between $0.54 (upper bound) and $0.52 (lower bound). This indicates a lack of decisive trend, suggesting low market volatility and decreased interest from crypto traders. This is supported by a 30% drop in trading volume over the last day.

It’s possible that the recent growth in large investors holding XRP might indicate growing investor interest in XRP, suggesting a potential change in market sentiment as a new week starts. Precedents show that when whales accumulate more XRP, it’s usually followed by an increase in its price. If this pattern persists, we could witness a repetition of the accumulation observed in September, which pushed XRP to reach $0.668.

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2024-10-13 17:10