XRP has had a relatively quiet price performance over the past week. However, recent data revelation points to massive on-chain activity for the altcoin in the last seven days. Large investors appear to be taking advantage of the cryptocurrency’s sluggish performance in the previous week to increase their portfolios.
Whales Buy $7 Million Worth Of Tokens – Impact On Price?
Prominent crypto analyst Ali Martinez, in a post on X, revealed significant whale activity in the XRP market over the past week. According to data from Santiment, these large investors purchased about 11 million tokens (worth roughly $6.82 million) in the last seven days.
The chart below shows a significant uptick over the past week in the holdings of XRP whales, particularly those holding between 100,000 to 10 million tokens.
Chart showing an uptick in whale holdings | Source: Ali_charts/X
This latest on-chain data suggests growing interest amongst the major holders and large investors. And given the significance of this class of XRP investors, massive buying activity could be a precursor or an indicator of a potential price rebound.
However, recent blockchain data suggests that a potential price upswing for the altcoin might be a little far-fetched. A particular whale transferred a substantial amount of XRP tokens to crypto exchanges in the past week.
🚨 25,000,000 #XRP (15,553,036 USD) transferred from unknown wallet to #Bitsohttps://t.co/9RcI9x6ue8
— Whale Alert (@whale_alert) November 23, 2023
According to recent data from Whale Alert, more than 50 million tokens (worth approximately $31 million) were moved to centralized exchanges. The major holder transferred 25 million coins in one transaction to the crypto exchange Bitstamp, while 25.2 million tokens were sent to Bitso.
🚨 25,200,000 #XRP (15,665,402 USD) transferred from unknown wallet to #Bitstamphttps://t.co/whMLmIYr0w
— Whale Alert (@whale_alert) November 23, 2023
Unsurprisingly, these transfers to centralized exchanges have triggered bearish sentiment amongst XRP investors. Historically, this type of transaction often precedes selloffs, thereby resulting in speculations about a potential dip in the cryptocurrency’s value.
XRP Price – Overview
As of this writing, the XRP token is valued at $0.621711, reflecting a negligible 0.4% price increase in the past 24 hours. Similarly, the altcoin’s performance has not been particularly impressive on the weekly timeframe. According to data from CoinGecko, the cryptocurrency’s price has jumped by 1.7% in the past seven days.
Nevertheless, XRP seems to be recovering well following the ETF fiasco that put downward pressure on its price. With a market capitalization of roughly $33.4 billion, the token currently ranks as the fifth-largest cryptocurrency.
XRP price showing positive signs of recovery on the daily timeframe | Source: XRPUSDT chart on TradingView
Featured image from iStock, chart from TradingView