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Whales keep purchasing millions of dollar worth of XRP tokens despite no change in price

Whales keep purchasing millions of dollar worth of XRP tokens despite no change in price

Although the price of XRP hasn’t changed much over the last week, big investors have been making ripples in the background.

Recent information reveals a notable increase in on-chain activity, indicating a whale purchasing frenzy aimed at profiting from the altcoin’s low performance.

Crypto expert Ali Martinez found significant whale activity in the XRP market over the past seven days while giving thoughts on X.

Based on statistics from Santiment, these large investors jumped in and bought almost 11 million tokens, or about $6.82 million.

Upon closer inspection, the data shows a noticeable increase in holdings, especially for whales that have between 100,000 and 10 million XRP coins.

A possible price bounce could be indicated by the increase in interest from major holders, given their significant influence in the XRP market.

Not every indication, though, suggests a sudden improvement. A different story appears to be suggested by recent blockchain data, as a notable whale strategically moved a large quantity of XRP tokens to multiple cryptocurrency exchanges.

More than 50 million tokens, worth around $31 million, were quickly transferred to controlled exchanges, according to information from Whale Alert.

There were two sections to the transfer: 25 million coins went to Bitstamp, while another 25.2 million tokens went to Bitso.

Whales’ simultaneous accumulation and tactical redistribution of their XRP holdings adds a fascinating dimension to the altcoin ecosystem.

Everyone in the crypto community is wondering if this whale ballet would cause XRP’s price to change significantly in the next days as they observe these market movements.

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Mohammad Ali is a fintech and cryptocurrency writer who has been covering the intersection of finance and technology for several years. Ali has a deep understanding of the financial industry and the ways in which technology is changing it, with a special focus on the rise of digital currencies and blockchain technology.