TL;DR
- Ripple whales are back with sizeable accumulations, which could be the ultimate prerequisite for an XRP surge.
- Data shared by popular crypto analyst Ali Martinez indicates that these large market participants have bought 320 million XRP in just three days, a fortune that is valued at roughly $1 billion at today’s prices.
Such substantial purchases could have a multi-fold positive effect on the underlying asset’s price. After all, they reduce the immediate selling pressure and might serve as an example to retail investors who tend to follow whales’ moves.
Recall that Ripple whales began to stack up considerable XRP portions in mid-July, which eventually led to an impressive price rally and a new all-time high above $3.60.
However, they started to lock in some gains in the following days, and XRP dipped below $2.80 as a result.
Such massive accumulations being the catalyst of price surges are not limited to Ripple’s cross-border token. Recall that Dogecoin and Cardano whales went on a buying spree in the past week as well.
Those buying the meme coin purchased over a billion tokens in a single day earlier this month. At the time, DOGE traded at $0.20 before it soared by 25% to the current $0.25.
ADA whales accumulated 200,000,000 coins at the beginning of the current business week, when the asset’s price struggled below $0.80. Since then, the token has soared to a multi-month peak of just over $1.
XRP has been trailing behind the most recent broader crypto market rally, failing to copy the aforementioned gains or the price performances of BTC, which charted a new all-time high today, or ETH, which is inches away from its 2021 peak.
