Recent data shared by crypto analyst Ali Martinez on X (formerly Twitter), revealed significant activity by XRP whales. They accumulated 100 million XRP tokens in just 48 hours.
These tokens are concentrated in wallets holding 1,000,000 to 10,000,000 XRP. At the time, XRP traded at $3.27 per token, making the holdings worth $327.48 million. The whales acted during a volatile period for XRP.
Price Drop Followed by Recovery
XRP’s price saw a sharp 10% decline, falling from $3.27 to $2.92. However, it quickly recovered, surging by 14% to hit $3.33. Whales took advantage of this dip, strengthening their positions by buying at lower prices.
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In the past 24 hours, XRP traded between $3.05 and $3.27, showing high volatility. Its current price stands at $3.07, a 5.72% drop over the same period. Trading volume also fell by 9.52%, settling at $17.88 billion. The market capitalization declined by 5.7% to $177 billion, while the volume-to-market cap ratio reached 10.36%, reflecting ongoing, though reduced, trading activity.
Circulating Supply and Market Impact
XRP’s circulating supply, at 57.56 billion tokens, plays a key role in market liquidity. Over the last 24 hours, the price gradually dropped from $3.27 to $3.07. This suggests the price might be stabilizing, possibly signaling a support level or a phase of consolidation.
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Data showed whales moved XRP into high-value wallets during the price dip. Their strategic timing highlights their influence on market sentiment and trends. Their buying activity often correlates with price recoveries.
XRP whales’ accumulation of 100 million tokens emphasizes their ability to shape market dynamics. Their actions during price dips often precede recoveries, making whale activity a crucial indicator for market trends. As XRP remains volatile, whale movements will likely continue to influence its trajectory.
