Whales Keep Buying XRP Amid Previous Market Dip: Time to Shine?
crypto-news-flash.com 06 August 2024 13:22, UTC - Ripple XRP whales accumulate significantly, signaling long-term confidence.
- Whale transactions boost XRP demand, reducing selling pressure.
Amid a previously bearish market, whales appear unconcerned as they continue to accumulate XRP, considering the price dip as a discount and an opportunity to acquire more.
According to recent findings, Ripple XRP whales have been withdrawing coins from exchanges at an unusually high rate throughout the token’s price collapse, prior to the recent market recovery.
Whales Signal Confidence as XRP Accumulation Rises Amid Price Drops
These trades took place as XRP’s price dropped to local lows, falling below $0.5. Santiment data shows that whales accumulate XRP steadily. Over the last three months, the number of XRP addresses holding 10,000,000 to 100,000,000 coins has increased dramatically.
This suggests that large wallet holders are confident in XRP’s long-term performance. Price increases typically follow increased whale accumulation because reduced supply lessens selling pressure.
Indeed, the price of XRP has recovered, rising 13.47% over the last 24 hours to $0.5017, with a daily trading volume of $2.583 billion.
On the other hand, CNF previously reported that the August 19 XRPL Testnet reset is intended to improve the platform’s stability and efficiency, resulting in a more resilient environment for developers. RippleX is also investigating the integration of Ethereum Virtual Machine features into the XRPL.
As the market develops, the crypto community will closely watch how these major holders impact the price trajectory of the Ripple token, anticipating its time to shine.
