XRP Whales Buy $7 Million Worth Of Tokens – How Will It Impact the Price?
Prominent crypto analyst Ali Martinez, in a recent post on X, revealed significant whale activity in the XRP market over the past week. According to data from Santiment, these large investors purchased about 11 million tokens (worth roughly $6.82 million) in the last seven days. The chart below shows a significant uptick over the past week in the holdings of XRP whales, particularly those holding between 100,000 to 10 million tokens.
This latest on-chain data suggests growing interest amongst the major holders and large investors. And given the significance of this class of XRP investors, massive buying activity could be a precursor or an indicator of a potential price rebound.
However, recent blockchain data suggests that a potential price upswing for the altcoin might be a little far-fetched. A particular whale transferred a substantial amount of XRP tokens to crypto exchanges in the past week. According to recent data from Whale Alert, more than 50 million tokens (worth approximately $31 million) were moved to centralized exchanges. The major holder transferred 25 million coins in one transaction to the crypto exchange Bitstamp, while 25.2 million tokens were sent to Bitso. Unsurprisingly, these transfers to centralized exchanges have triggered bearish sentiment amongst XRP investors. Historically, this type of transaction often precedes selloffs, thereby resulting in speculations about a potential dip in the cryptocurrency’s value.
Overview of XRP Price
As of this writing, the XRP token is valued at $0.621711, reflecting a negligible 0.4% price increase in the past 24 hours. Similarly, the altcoin’s performance has not been particularly impressive on the weekly timeframe. According to data from CoinGecko, the cryptocurrency’s price has jumped by 1.7% in the past seven days. Nevertheless, XRP seems to be recovering well following the ETF fiasco that put downward pressure on its price. With a market capitalization of roughly $33.4 billion, the token currently ranks as the fifth-largest cryptocurrency. The XRP price is showing positive signs of recovery on the daily timeframe.
In conclusion, XRP has shown sluggish price performance in the past week, with significant on-chain activity by large investors and whales. This activity may impact the price in the future, especially with the movement of tokens to centralized exchanges triggering bearish sentiment. Despite this, XRP‘s recovery from the recent ETF fiasco shows promise for a potential rebound.
### News source: bitcoinist.com