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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Whales Accumulate 40 Million XRP In 48 Hours – Where’s The Price Headed?

Scott Matherson
Scott Matherson
10 months ago
3 mins read
Whales

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Popular crypto analyst Ali Martinez shared data suggesting an interesting accumulation trend among XRP investors despite ongoing price uncertainty. According to Martinez, who referenced data from on-chain analytics platform Santiment, XRP whales have made substantial purchases totaling around 40 million XRP within the last 48 hours.

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This significant accumulation trend coincides with a rise in large transactions to and from cryptocurrency exchanges, as highlighted by whale transaction tracker Whale Alerts during the same period.

Whales Buy Millions Of XRP

In a recent post on social media platform X, Martinez shared a Santiment data chart that illustrates the total holdings of XRP addresses containing between 1 million and 10 million XRP tokens.

He highlighted that these specific cohorts of traders have collectively acquired approximately 40 million XRP over the past 48 hours, amounting to an investment of around $22 million. While this figure might appear modest in comparison to the more substantial movements typically seen from XRP whales, it marks a significant development as it represents the first notable inflow into these wallets since the beginning of the month.

The chart shared by Martinez reveals a concerning trend. The total holdings of these whale wallets have been in a steep decline since the start of October. On October 1, the cumulative holdings for this group were recorded at approximately 3.93 billion XRP.

However, in a matter of days, these wallets experienced a substantial loss of around 130 million XRP, driving their total holdings down to a three-month low of 3.8 billion XRP by October 8. However, recent accumulation by the whale addresses has seen their collective holdings increase to 3.85 billion in the past 24 hours.

According to data from Whale Alerts, there have been multiple instances of large XRP transactions entering and leaving crypto exchanges in the past 24 hours. The largest transaction occurred with the transfer of 104 million XRP tokens worth $55 million from an unknown wallet into a new unknown wallet.

XRP is currently trading at $0.53. Chart: TradingView

Another notable transaction was the transfer of 52 million XRP tokens worth $27.8 million from an unknown wallet into crypto exchange Bybit. A while later, 30 million XRP tokens were transferred from Bybit into another private wallet.

Is XRP Headed To $0.5 Or $0.6?

Current price action shows XRP consolidating between an upper range of $0.54 and a lower range of $0.52 within the past seven days. This lack of clear direction suggests low volatility and a lack of interest among crypto traders, as evidenced by a trading volume decline of approximately 30% in the last 24 hours.

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However, the recent increase in whale holdings could signal a renewed interest among large investors in XRP, hinting at a potential shift in market sentiment as the new week begins. Historically, increases in whale accumulation have often been accompanied by a steady rise in the XRP price. If this trend continues, it could replicate the accumulation seen in September, which propelled XRP to a peak of $0.668.

Featured image from Pexels, chart from TradingView

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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.

Read more

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

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