Prominent cryptocurrency researcher Ali Martinez has revealed, rather unexpectedly, that XRP whales have been on a purchasing binge, amassing an astounding 11 million XRP in only the last week.
With an astounding $6.82 million in total value, these buys indicate a significant increase in bullish activity in the market.
https://x.com/ali_charts/status/1728517545408217420?s=20
Martinez uses on-chain data analysis to create a graphic that shows the trend of XRP whale purchases, which highlights the notable increase in whale activity. Surprisingly, these major players currently have a combined XRP fortune of over 10.45 billion tokens, or little more than 10.5% of the whole XRP supply.
This event is especially interesting since it comes in the middle of the XRP price’s ongoing downward trend, which has been marked over the last three weeks by lower highs and lower lows. The whales, however, were unfazed by this downward trend and took advantage of the chance to quickly accumulate XRP at this time.
An example of this was seen on Tuesday and Wednesday of last week, when the market fell by a significant 5.4% before rising the next day. Takeovers of this nature are seen by analysts and specialists as positive signs, indicating significant purchasing interest from large companies.
In the cryptocurrency world, the main query at the moment is: Is XRP about to see a big spike? The heightened attention and active engagement of large players undoubtedly provide a positive dimension to the XRP story, even though the answer is still unclear and relies on several aspects.
The market is holding its breath waiting to see if whales’ recent inflow of XRP is a sign that the price of the well-known cryptocurrency is about to rise.
