Citing Santiment data, crypto analyst Ali reports a whopping 1.1 billion XRP worth around $570 million acquired by whales since February.
XRP whales have been regularly buying since the beginning of 2023, frequently taking advantage of periods of decline or consolidation to boost their holdings.
As previously reported, whales bought up 360 million XRP, worth $170 million, as the price fell 12% in late June. XRP whales have been known to accumulate for extended periods, which frequently coincided with XRP price increases. A similar circumstance that preceded a large rally for the XRP/USD pair in late 2020 is considered a historical precedent.
Similarly, the recent wave of XRP stockpiling by whales coincided with a price increase for XRP. In March, XRP's price saw a run-up to highs of $0.545.
The uptick was sustained in Q2, 2023, as Messari reports that XRP's circulating market cap is up 42.5% YTD, thanks primarily to its price rise in the first quarter of 2023. After a drop in early May, the price of XRP nearly returned to its yearly high set in late March in June.
The price action on XRP's daily charts could suggest something might be brewing for the sixth-largest cryptocurrency.
For instance, XRP appears to be forming what seems to be a cup and handle formation, and the price is consolidating between its daily moving averages. A "cup and handle" pattern is a bullish continuation pattern that signals a period of consolidation followed by a breakout. It depicts an asset's price movement resembling a cup, followed by a downward-trending price pattern.
In the last quarter, XRP Ledger experienced impressive network activity. On May 28, 2023, around 523,000 addresses received a transaction, nearly 11 times the daily average in Q2. This is the second-highest address activity day in its history.
At the time of writing, XRP was marginally up in the last 24 hours to $0.47.