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Popular cryptocurrency analyst Ali Martinez shared data indicating an interesting accumulation trend among XRP investors Despite the ongoing uncertainty about prices. XRP whales, according to Martinez, who pointed to data from on-chain analytics platform Santiment They made large purchases A total of about 40 million XRP in the last 48 hours.
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This significant cumulative 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 are buying millions of XRP
in Recent post On social media platform
He confirmed that these specific groups of traders have collectively acquired approximately 40 million XRP over the past 48 hours, which equates to an investment of approximately $22 million. While this number may seem modest compared to the more fundamental movements typically seen from XRP whales, it represents a significant development as it represents the first notable inflow into these wallets since the beginning of the month.
The chart Martinez shared reveals a worrying trend. The total holdings of these whale wallets have seen a sharp decline since the beginning of October. On October 1, the cumulative holdings of this group were recorded at approximately 3.93 billion XRP.
However, within days, these wallets experienced a significant loss of around 130 million XRP, dropping their total holdings to a three-month low of 3.8 billion XRP by October 8. However, the recent accumulation of whale titles has led to a decline. Collective holdings rose to 3.85 billion over the past 24 hours.
According to Whale Alerts data, there have been multiple instances of large XRP transactions entering and exiting cryptocurrency exchanges in the past 24 hours. The biggest deal happened With transfer 104 million XRP tokens worth $55 million from an unknown wallet to a new unknown wallet.
last The standout deal was Transferred 52 million XRP tokens worth $27.8 million from an unknown wallet to cryptocurrency exchange Bybit. After a while, 30 million XRP tokens were obtained Transferred from Bybit To another private wallet.
Is XRP heading to $0.5 or $0.6?
Current price action XRP consolidation appears Between the upper range of $0.54 and lower range of $0.52 over the past seven days. This lack of clear trend indicates low volatility and lack of interest among cryptocurrency traders, as evidenced by a roughly 30% drop in trading volume over the past 24 hours.
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However, the recent increase in whale holdings It could indicate renewed interest Among major investors in XRP, indicating a potential shift in market sentiment as the new week begins. Historically, there have been increases in whale accumulation It is often accompanied by a steady rise In the price of XRP. If this trend continues, it could repeat the buildup seen in September, which pushed XRP to a peak of $0.668.
Featured image from Pexels, chart from TradingView