{"id":604781,"date":"2024-04-24T06:14:54","date_gmt":"2024-04-24T06:14:54","guid":{"rendered":"https:\/\/wncen.com\/?p=604781"},"modified":"2024-06-11T10:38:35","modified_gmt":"2024-06-11T10:38:35","slug":"xrp-600-million-token-influx-as-whales-make-their-presence-felt","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ripple\/xrp-600-million-token-influx-as-whales-make-their-presence-felt\/","title":{"rendered":"XRP: 600 Million Token Influx As Whales Make Their Presence Felt"},"content":{"rendered":"

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<\/a> has mirrored the broader market slump triggered by Bitcoin’s correction. However, amidst the bearish sentiment, a different story is unfolding underwater \u2013 one involving deep-pocketed investors, or “whales,” accumulating the altcoin at a significant clip.<\/p>\n

Related Reading: Solana Meme Coin Massacre: 12 Projects Gone In 30 Days, $27 Million Vanished<\/a><\/div>\n

XRP Whales Accumulate Millions Despite Price Drop<\/strong><\/h2>\n

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.<\/p>\n

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.<\/p>\n

\n

$XRP<\/a> dropped from $0.62 to $0.41, and #crypto<\/a> whales took notice. They’ve bought over 31 million #XRP<\/a> in just the past week! pic.twitter.com\/3FCA3PR3hi<\/a><\/p>\n

\u2014 Ali (@ali_charts) April 23, 2024<\/a><\/p><\/blockquote>\n

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.<\/p>\n

\"\"<\/p>\n

Deeper Dive: Whale Activity Hints At Bullish Sentiment<\/strong><\/h2>\n

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.<\/p>\n

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.<\/p>\n

<\/p>\n

Total crypto market cap currently at $2.391 trillion. Chart: TradingView<\/a><\/pre>\n
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.<\/p>\n
\n
\ud83d\udc33 The price of #XRP<\/a> has jumped ahead of the #altcoin<\/a> pack, jumping +6% and as high as $0.5687 today. The amount of wallets, 2,013, holding at least 1M $XRP<\/a> has been surging over the past six weeks (rising 3.1%), and is within 1 wallet of the #AllTimeHigh<\/a>. https:\/\/t.co\/2ZfC9v79x9<\/a> pic.twitter.com\/rqKgcOYJJx<\/a><\/p>\n
\u2014 Santiment (@santimentfeed) April 22, 2024<\/a><\/p><\/blockquote>\n
XRP Outperforms Other Altcoins<\/strong><\/h3>\n
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.<\/p>\n
Related Reading: The Cardano $1 Dream: Is A Price Explosion Coming Or Just Deja Vu?<\/a><\/div>\n
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.<\/p>\n
Featured image from Pixabay, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
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 \u2013 one involving deep-pocketed investors, or “whales,” accumulating the altcoin at a significant clip. Related Reading: Solana Meme Coin Massacre: 12 Projects Gone In 30 Days, $27 Million Vanished 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 \u2014 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. \ud83d\udc33 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 \u2014 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. Related Reading: The Cardano $1 Dream: Is A Price Explosion Coming Or Just Deja Vu? 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<\/p>\n","protected":false},"author":557,"featured_media":604810,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16894],"tags":[142,4735,3505,3680,4531],"class_list":["post-604781","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ripple","tag-altcoins","tag-price-action","tag-price-analysis","tag-ripple","tag-xrp"],"acf":[],"yoast_head":"\nXRP: 600 Million Token Influx as Whales Make Their Presence Felt<\/title>\n<meta name=\"description\" content=\"The cryptocurrency market continues to grapple with volatility, and XRP has been no exception. 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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\u2019 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. 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