In the midst of cryptocurrency market volatility, XRP, like many others, has faced significant fluctuations. Despite a recent price decline following Bitcoin’s correction, large investors, known as “whales,” have been quietly accumulating XRP at a rapid pace.
When XRP experienced a sharp decline in mid-April, whale addresses holding between 10 million and 100 million XRP seized the opportunity to implement a classic “buy-the-dip” strategy. Data from market intelligence platform Santiment, analyzed by researcher Ali Martinez, reveals that these whales have added a staggering 30 million XRP tokens to their holdings in the past week alone, bringing their cumulative holdings to 6.75 billion units.
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Renewed Confidence Among Whales
Despite short-term price fluctuations, whales appear to have a renewed confidence in XRP’s long-term prospects. This accumulation trend began as early as April 5th, coinciding with the end of a selling period by these same whales. Since then, they have amassed over 600 million XRP in just two weeks, signaling a potential bullish outlook.
Total crypto market cap currently at $2.391 trillion. Chart: TradingView
Furthermore, the number of addresses holding at least 1 million XRP, often referred to as “mid-tier whales,” has been steadily increasing. On Tuesday, their ranks reached a near-record high of 2,013. This broader participation from various tiers of large investors suggests that XRP might be undervalued at its current price point.
XRP’s Wallet Size Surpasses Other Altcoins
According to Santiment, XRP is outperforming other altcoins in terms of wallet size. Wallets holding 1 million or more coins have seen a 3% gain over the last six weeks.
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This increase in significant XRP holdings indicates rising interest and confidence among investors. While whale activity can provide valuable insights into market sentiment, it should not be the sole factor driving investment decisions.
However, the recent buying spree by XRP whales is a noteworthy development, suggesting a potential shift in sentiment and a possible turning point for the coin’s price.
