The cryptocurrency market has been experiencing significant volatility, and XRP is no exception. While the price of XRP has seen a decline along with the broader market, there is an interesting trend unfolding underwater. Large investors, commonly referred to as “whales,” have been actively accumulating XRP at a rapid pace. These whales, holding between 10 million and 100 million XRP, have been steadily increasing their holdings since early April, particularly after XRP experienced a sharp price drop in mid-April.
Data from market intelligence platform Santiment, analyzed by market researcher Ali Martinez, reveals that these whales have acquired a whopping 30 million XRP tokens in just the past week. This brings their total holdings to an impressive 6.75 billion units. The buying frenzy indicates a potential shift in sentiment among these large investors, who seem to be optimistic about XRP’s long-term prospects despite short-term price fluctuations.
Further analysis shows that this accumulation trend actually began earlier, on April 5th. Interestingly, this coincided with a period where these whales were selling off 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 and may signal a bullish outlook from these key market players.
In addition to large whales, there has been a surge in the number of addresses holding at least 1 million XRP, known as “mid-tier whales.” The number of addresses holding this amount of XRP reached a near-record high of 2,013. This broader participation from various tiers of large investors suggests that XRP may be undervalued at its current price point.
Santiment reported that XRP is leading the way among altcoins in terms of wallet size. Wallets holding 1 million or more coins have increased by 3% in the last six weeks. This increase in significant XRP holdings indicates that investor interest and confidence in the cryptocurrency are on the rise.
While whale activity can provide valuable insights into market sentiment, it should not be the sole factor driving investment decisions. However, the recent buying spree by XRP whales is a significant development that suggests a potential shift in sentiment and a possible turning point for the coin’s price. Investors are advised to conduct their own research and consider all factors before making investment decisions, as cryptocurrency investing carries inherent risks.