In a recent revelation, significant XRP investors, known as whales, have gone on a buying spree, spending a staggering $228 million. Prominent crypto analyst Ali Martinez shared that these large investors accumulated over 380 million XRP tokens within just the past 10 days. At the current market value, this massive acquisition reflects the growing interest in the cryptocurrency.
Whales Amass Over 7 Billion XRP
According to Martinez’s analysis, whales holding between 10 million to 100 million XRP now control an impressive 7.11 billion XRP, equivalent to around $4.25 billion.
Related article: XRP on the Verge of a Breakout: What Whale Transfers Mean
This accumulation represents 12.59% of the total circulating supply, demonstrating the whales’ significant stake in the market. The large-scale purchases indicate their rising confidence in XRP’s long-term potential.
Factors Behind Increased Whale Activity
The surge in whale activity appears to stem from XRP’s unique position in the market. Following Ripple’s victory in the SEC lawsuit, XRP became one of the few cryptocurrencies with a clear regulatory standing. This clarity gives investors a solid foundation, especially as Ripple grows its partnerships, fueling further adoption.
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Ripple’s growing global presence and partnerships have enhanced XRP’s fundamentals, positioning the cryptocurrency as a key player in the digital asset space. The combination of regulatory certainty and strong partnerships has fueled optimism among large investors, leading to the significant accumulation of XRP tokens.
On the technical front, XRP’s price performance also shows promising signs. However, a developing inverted head-and-shoulders pattern suggests a potential price breakout. If XRP manages to surpass the $0.65 neckline, the price could reach $1, presenting an enticing opportunity for investors.
With large whales making bold moves and technical indicators pointing towards further gains, XRP continues to attract attention in the cryptocurrency market.
