XRP’s recent fluctuation into the $0.4 price region has triggered a wave of buying activity among crypto whales.
In a post on X, market analyst Ali Martinez points to data from the intelligence platform Santiment, which reveals the amount of XRP accumulated when the price dropped to $0.4 region.
Read Also: Crypto Whales Accumulated About 190 Million XRP in the Last Three Months
Ali Martinez noted, “$XRP dropped from $0.62 to $0.41, and #crypto whales took notice. They’ve bought over 31 million #XRP in just the past week!”
$XRP dropped from $0.62 to $0.41, and #crypto whales took notice. They've bought over 31 million #XRP in just the past week! pic.twitter.com/3FCA3PR3hi
— Ali (@ali_charts) April 23, 2024
Whale Activity and Market Impact
The accumulation of XRP by whales demonstrates market confidence during periods of price correction. This estimated $16 million capital injection bolsters investor sentiment.
Earlier in the month, Times Tabloid reported an even more substantial whale purchase where a total of 452 Million XRP was moved to three top exchanges amid a downward trend triggered by the conflict between Iran and Israel.
At the time of writing, XRP is trading at $0.5288. While this represents a gain of 5% over the past week, the relatively static 24-hour price action has left some market participants feeling underwhelmed.
Historical Trends and Future Potential
Market analysts highlight a positive correlation between price dips and whale activity. Historically, such dips have signaled buying opportunities for these large holders. Their significant XRP accumulations indicate an expectation of future price appreciation, potentially setting the stage for a bullish market.
XRP Wallet Growth: A Key Indicator
Santiment has also observed a parallel trend that reinforces the positive market outlook. Wallets holding a minimum of one million XRP have been steadily growing. Their numbers have climbed by 3.1% over the past six weeks, reaching a current count of 2,013.
This figure is closely approaching the all-time high of 2,014 recorded in June 2023, when XRP attained significant recognition due to its clear regulatory status within the United States.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Community Sentiment and Outlook
Whale accumulation and increased wallet counts could be considered positive signals of investor confidence, strengthening the potential for continued growth within the XRP market.
While the community response to the recent whale activity has been mixed, many remain optimistic about XRP’s prospects. Some analysts like Mikybull, predict a potential price target as high as $3.1.
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