XRP: 600 Million Token Influx As Whales Make Their Presence Felt

Christian Encila

1 year ago

4 mins read

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The cryptocurrency market continues to grapple with volatility, and XRP has been no exception. After a promising start to the year, the price of XRP has mirrored the broader market slump triggered by Bitcoin’s correction. However, amidst the bearish sentiment, a different story is unfolding underwater – one involving deep-pocketed investors, or “whales,” accumulating the altcoin at a significant clip.

XRP Whales Accumulate Millions Despite Price Drop

While the price of XRP has dipped considerably from its highs in March, whale addresses have been quietly going on a buying spree. According to data from market intelligence platform Santiment, analyzed by market researcher Ali Martinez, addresses holding between 10 million and 100 million XRP have been steadily adding to their holdings since early April.

This buying frenzy intensified after XRP’s sharp price drop in mid-April, with whales capitalizing on the lower prices in a classic “buy-the-dip” strategy.

$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

The data reveals that these whales have scooped up a staggering 30 million XRP tokens in the past week alone, bringing their cumulative holdings to a hefty 6.75 billion units. This buying spree indicates a potential shift in sentiment among these large investors, who seem unfazed by the short-term price fluctuations and might be betting on XRP’s long-term prospects.

Deeper Dive: Whale Activity Hints At Bullish Sentiment

Taking a deeper dive, latest data suggests that this accumulation trend began even earlier, on April 5th. Interestingly, this coincides with the tail end of a selling period by these same whales, where they offloaded some of their holdings.

However, since April 5th, the buying spree has been relentless, with whales amassing over 600 million XRP in just two weeks. This significant accumulation suggests a renewed confidence in XRP, potentially signaling a bullish outlook from these key market players.

Total crypto market cap currently at $2.391 trillion. Chart: TradingView

Further bolstering this notion is the recent surge in the number of addresses holding at least 1 million XRP. These “mid-tier whales” have been steadily increasing, with their ranks reaching a near-record high of 2,013 on Tuesday. This broader participation from various tiers of large investors adds weight to the idea that XRP might be undervalued at its current price point.

🐳 The price of #XRP has jumped ahead of the #altcoin pack, jumping +6% and as high as $0.5687 today. The amount of wallets, 2,013, holding at least 1M $XRP has been surging over the past six weeks (rising 3.1%), and is within 1 wallet of the #AllTimeHigh. https://t.co/2ZfC9v79x9 pic.twitter.com/rqKgcOYJJx

— Santiment (@santimentfeed) April 22, 2024

XRP Outperforms Other Altcoins

Meanwhile, Santiment disclosed that XRP is outpacing the other altcoins in terms of wallet size. Wallets holding 1 million or more coins have increased, with a 3% gain over the last six weeks. The increase of significant XRP holdings indicates that investors’ interest and confidence are rising.

While whale activity can be a significant indicator of sentiment, it shouldn’t be the sole factor driving investment decisions. However, the recent buying spree by XRP whales is a noteworthy development, suggesting a potential shift in sentiment and a possible turning point for the coin’s price.

Featured image from Pixabay, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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