Ali Martinez, a prominent crypto strategist, has reported that crypto whales have accumulated up to 1.1 billion XRP worth $570 million since February 2023, citing Santiment data.
XRP bag holders have been acquiring XRP in tons, taking advantage of the low price as many believe that a notable turnaround may happen once the protracted lawsuit ends in favor of Ripple, the major distributor of XRP. This could also imply that the whales are tactically leveraging the periods of decline or consolidation to increase their holdings.
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Citing Santiment data, Ali Martinez tweeted, “Ripple whales have purchased over 1.10 billion $XRP since late February, worth around $570 million!”
#Ripple whales have purchased over 1.10 billion $XRP since late February, worth around $570 million! pic.twitter.com/Mx24jXOJ2Q
— Ali (@ali_charts) July 8, 2023
Significance of these Whooping XRP Accumulations?
It can be recalled that whales grabbed 360 million XRP worth $170 million after the price of the digital asset crashed by 12% in late June. Increased accumulation of any asset by whales is seen as a positive signal that could end in an uptrend.
Something similar occurred in late 2020, which initiated a notable rally for the XRP/USD pair but was later thwarted by the SEC lawsuit of December 2020. All the same, this is considered a historical precedent and could repeat itself in the long run.
Also, XRP daily charts price action could suggest that something big is cooking for the embattled digital asset, which currently occupies the sixth position in the crypto market.
Read Also: 429 Million XRP Moved By a Top Exchange and Whales in the Last 24 Hours. Here’s the Destination
For example, XRP appears to be consolidating between its daily moving averages, flashing a formation that seems to be a cup and pattern. A formation regarded as a bullish signal by chartists. It depicts the trend of an asset in the form of a cup, followed by a downward-trending price pattern.
It’s worth noting that predictions have been generally bullish around XRP over the past months. Many analysts and crypto proponents have claimed that the outcome of the ongoing lawsuit between Ripple and the U.S. SEC has a lot to say about the future price of XRP.
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