Crypto researcher Ali claims a staggering 1.1 billion XRP worth around $570 million bought by whales since February, using Santiment statistics.
Since the beginning of 2023, XRP whales have been purchasing often, frequently taking advantage of times of downturn or consolidation to increase their holdings.
As was previously mentioned, as the price dropped 12% in late June, whales purchased 360 million XRP, totaling $170 million. Long-term accumulation of XRP has been known to occur, typically in conjunction with price increases for the cryptocurrency. A comparable situation that occurred before a significant advance for the XRP/USD pair in late 2020 is seen as a historical precedent.
In a similar vein, whales’ current wave of XRP hoarding and a surge in XRP’s price. The price of XRP increased to a high of $0.545 in March.
The trend continued in Q2 2023, according to Messari, who notes that XRP’s circulation market value is up 42.5% YTD, mostly due to its price increase in the first quarter of 2023. Following a decline in early May, the price of XRP almost reached its annual high from late March in June.
The price movement on the daily charts for XRP may indicate that something is maybe about to happen for the sixth-largest cryptocurrency.
For instance, the price of XRP is consolidating between its daily moving averages and looks to be constructing what resembles a cup and handle configuration. A bullish continuation pattern called a “cup and handle” denotes a period of consolidation followed by a breakout. It shows a cup-shaped price movement for an asset, followed by a downward price trend.
The XRP Ledger network saw significant activity in the most recent quarter. Approximately 523,000 addresses got a transaction on May 28, 2023, more than 11 times the daily average in Q2. In terms of address activity, this is the second-highest day ever.
At the time of writing, XRP has increased slightly over the previous day to $0.47.
