XRP has remained on the downside since its rapid price move mid-last week. Although the asset has failed to sustain momentum, large holders have continued to quietly stack up on XRP.
Earlier today, popular crypto analyst Ali Martinez shared data revealing that a total of 71 million XRP has been moved by large wallet holders in the last seven days.
XRP steadies below $1.38
Over the last seven days, XRP has remained steadily in the red territory, projecting a price decline of nearly 5% over the period.
While this marks a week of notable volatility for XRP, it appears that institutions or high-profile holders have seized the opportunity to buy the dip on XRP.
Despite the massive accumulation seen over the last week, momentum has remained extremely weak and the price of XRP has steadied far below the $1.40 mark.
As of the time of writing, XRP is trading at $1.36, marking a price decline of 0.06% over the last 24 hours. While the asset is still trading poorly despite the purchases from whales, the weak price moves may be in response to the bearish sentiments in the broader crypto market.
XRP's institutional holders stay resilient
Institutional interest in XRP has remained decent despite the recent volatility as XRP has continued to see fresh capital flow into its ETF market while other products continued to bleed.
Despite the slowed price movement, XRP ETFs have continued to outperform the Bitcoin and Ethereum ETFs with decent capital records while the others see consistent withdrawals.
Just last week, XRP accounted for over $65 million in fresh capital received over the week, while Ethereum on the other hand saw consistent withdrawals on all days of the week.
Moreover, Bitcoin also closed the week with a massive outflow signaling growing caution among its institutional investors.
Dan Burgin
