XRP whales are taking advantage of the price downturn to accumulate more tokens. XRP recently bottomed out at $0.438 in the wake of an intense selloff in the wider crypto market, which saw the value of many cryptocurrencies drop sharply. This intense selloff resulted in a dramatic 20% decline in the price of XRP within a 24-hour timeframe.
Despite this steep fall, on-chain transaction data reveals that some large holders, often referred to as ‘whales,’ remain undeterred. These investors are seizing the opportunity presented by the lower prices to accumulate more XRP on various exchanges.
Whales Buy Millions Of XRP
Recent data from the whale transaction tracker Whale Alerts reveals an intriguing accumulation pattern among XRP holders. Over the past 48 hours, Whale Alerts has noted multiple instances of substantial XRP transfers to and from various exchanges. The majority of these transfers involve moving significant amounts of XRP into private, unknown wallets from crypto exchanges.
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The latest huge transaction recorded was the transfer of 26.69 million XRP tokens worth $13.6 million from the Binance exchange to a private wallet identified as “rhWj9g.” This transaction is part of a broader trend observed by Whale Alerts, which highlights a cumulative total of 157 million XRP tokens, worth approximately $75.16 million, being moved from crypto exchanges into private wallets over the past 24 hours. Interestingly, most of these transfers originated from Binance.
Interestingly, the data also indicates a likely selloff transaction, where 31.7 million XRP tokens, valued at $15.1 million, were transferred into Bitstamp from a private wallet. This movement contrasts with the general trend of accumulation, suggesting not all whales are accumulating.
Expanding the timeframe to the past 48 hours, Whale Alerts data reveals a cumulative accumulation of 228.54 million XRP tokens worth $108.78 million from crypto exchanges into private wallets.
Quick Rebound For Price?
This accumulation by whales could signal a future price recovery, as significant buy-ins from large holders often lead to market upswings. The strategic buying amid the price slump shows confidence that the current downturn is a temporary setback.
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Recent price action saw the cryptocurrency fall from $0.653 to $0.438 in the space of five days, effectively canceling…
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