Recent data from Santiment, shared by cryptocurrency analyst Ali Martinez on X (formerly Twitter), reveals that XRP whales have executed significant market activity, accumulating 100 million XRP tokens in just 48 hours.
These holdings, concentrated in wallets with balances between 1,000,000 and 10,000,000 XRP, amount to an estimated value of $327.48 million at the time, with XRP trading at $3.27 per token.
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Whale Activity Amid Price Volatility
This accumulation unfolded during a period of substantial price movement for XRP. According to the data and market charts, XRP experienced a steep decline of over 10%, dropping from $3.27 to $2.92.
This drop, however, was followed by a strong recovery, with the token surging by 14% to peak at $3.33. Whale purchases during this dip reflect strategic buying behavior, where large holders capitalize on reduced prices to strengthen their positions.
Source: @ali_charts
Within the last 24 hours, XRP has traded between $3.05 and $3.27, reflecting high volatility during this period. The cryptocurrency is currently priced at $3.07, representing a 5.72% decline in 24 hours.
Additionally, XRP’s 24-hour trading volume is $17.88 billion, showing a 9.52% decline in activity. The market capitalization stands at $177 billion, a 5.70% reduction, while the volume-to-market cap ratio of 10.36% indicates active, albeit declining, trading during this volatile period.
Source: CoinMarketCap
Market Insights
The circulating supply of XRP, currently at 57.56 billion tokens, plays a significant role in market dynamics, providing liquidity for trading. Over the past 24 hours, the price chart shows a gradual decline from its high of $3.27, stabilizing near $3.07. This could indicate a potential support level or a consolidation phase following the whale activity.
Santiment’s chart, shared by Martinez, also highlights the influx of XRP into high-value wallets during the two days. The timing of these acquisitions, during a price drop, underscores the influence of large holders in shaping market sentiment and price trends.
Conclusion
The recent whale accumulation of 100 million XRP showcases the strategic moves of major holders during market fluctuations. Their activity aligns with price dips and subsequent recoveries, highlighting the importance of monitoring whale behavior to anticipate market trends.
As XRP navigates through this volatile phase, the actions of these large holders will likely continue to play a pivotal role in influencing its price trajectory.
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