While XRP has been showing mixed price actions in the past days, an insane buying spree from its large holders has kept investors optimistic. A recent tweet shared by popular crypto analyst Ali Martinez shows massive XRP accumulation from whales over the past two days.
The tweet shared on-chain data from Santiment, which revealed that XRP addresses holding between 100 million XRP and 1 billion XRP have increased their holdings with a combined acquisition of a massive 900 million XRP in just 48 hours.
XRP’s rally not over
The aggressive accumulation trend has sparked interest across the broad crypto community, causing them to worry less about the ongoing downtrend in XRP’s price, which has seen it switch to the red zone during the mid-hours of the day.
According to the data shared, the large amounts of XRP accumulated by whales over the last two days were worth over $2.88 billion, per XRP’s trading price during the period.
Although XRP has flipped negative in the past few hours, the massive buying activities from XRP whales come amid a notable increase in the price of the token during the period the accumulation lasted.
While XRP has fallen below the $3 mark in the previous days, the massive accumulation trend coincides with a sudden increase in XRP’s price, which saw it rebound above the $3.2 level during the period.
According to the chart showcased by the source, the spike in XRP’s whale holdings started in late July, which triggered a notable rally that saw XRP head toward achieving its multi-month highs. Hence, market participants are hopeful that this massive XRP accumulation might be succeeded by a similar uptrend, which could possibly push XRP to achieve a new all-time high.
While the recent price correction experienced in the prices of major cryptocurrencies like BTC, ETH, and XRP itself suggests some profit-taking activities from long-term holders, the renewed spike in large-holder accumulation suggests growing confidence in XRP’s price potential in the near term.
In addition to the massive XRP accumulation from large holders, the buzz around the potential XRP ETF launch and major developments from the Ripple team have kept investors optimistic about XRP hitting major grounds soon.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team