In a surprising turn, the XRP market has undergone a significant shift, driven by an impressive buying spree orchestrated by influential whales. Renowned crypto analyst Ali (@ali_charts) has shed light on this remarkable surge, revealing that whales have accumulated a staggering 11 million XRP over the past week, amounting to a substantial value of $6.82 million.
This surge in whale activity stands out against the backdrop of a persistent downtrend in XRP prices over the last three weeks, characterized by lower lows and lower highs. Remarkably, this downturn did not deter the whales.
Read Also: Prominent Analyst Predicts XRP Rebound After Whales Move Millions of XRP
Instead, they seized the opportunity, rapidly amassing XRP, particularly during a notable dip of over 5%, which saw XRP drop to $0.582 on Tuesday amid bullish predictions.
#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
Ali offers insights into this market shift through on-chain data, presenting a chart that vividly outlines the trajectory of these substantial acquisitions. These whales now control over 10.5% of XRP’s total supply, amassing a combined wealth exceeding 10.45 billion tokens.
The question resonating within the crypto community now is whether this influx of XRP by whales signals an impending surge in the market. While there are no definitive answers, heightened interest, and active whale participation have injected much-needed positivity into the XRP community.
Market observers are now anticipating whether the recent whale activity is a precursor to a potential upward trajectory for XRP. This notable development is a pivotal moment for the digital asset as everyone waits to see what the whale interest will bring.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
What Does This Mean for XRP Investors?
The recent whale activity in the XRP market is a positive sign for investors. This massive purchase suggests that whales believe that XRP is undervalued and are willing to invest large sums of money in the cryptocurrency. If whales continue to buy XRP, it could lead to a significant increase in the price of the cryptocurrency.
However, it is important to note that the cryptocurrency market is volatile and there is no guarantee that XRP will continue to rise in price. Investors should always do their research before investing in any cryptocurrency.
Just before this news of whale interest, another analyst drew attention to a head and shoulders pattern forming in XRP’s chart. This pattern is a major development because this pattern often precedes major price surges. The analyst has set targets as high as $700 based on this pattern.
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