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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

XRP Whales Take Advantage Of 20% Drop To Buy Millions Worth Of Tokens

Scott Matherson
Scott Matherson
1 year ago
3 mins read
XRP whale

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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.

Related Reading: Dogecoin Open Interest Sees Sharp 24% Drop, Where Does Price Go From Here?

Recent price action saw the cryptocurrency fall from $0.653 to $0.438 in the space of five days, effectively canceling out the gains it made in July. This drastic price slump saw the cryptocurrency enter the oversold region on the Relative Strength Index (RSI).  

XRP has managed to recover some of its losses. The RSI indicator now reflects an increase in buying momentum, suggesting that investors are starting to re-enter the market. 

XRP whales
Source: X

At the time of writing, the altcoin is trading at $0.5016, reflecting a 7.11% increase over the past 24 hours. This recovery has brought XRP back to a crucial multi-month resistance and support level around the $0.5 mark, a price point that has historically been both a floor and a ceiling for the cryptocurrency. This price point has proven to be a significant threshold, one that XRP has struggled to break away from for quite some time now.

XRP price chart from Tradingview.com
Token price struggles against bears | Source: XRPUSDT on Tradingview.com
Featured image from CoinMarketCap, chart from TradingView.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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