Ali Martinez, a well-known crypto strategist, data reported that crypto whales have accumulated 1.1 billion XRP worth $570 million since February 2023.
Crypto whales are individuals, companies, or organizations that hold large amounts of crypto assets, which can influence the price movements of cryptocurrencies. Their trades can often cause huge fluctuations in the market and are considered an indicator that investors watch carefully. The data presented by Ali Martinez reveals that there are large deposits, especially in a popular cryptocurrency like XRP.
This may tend to indicate increased confidence of crypto whales in XRP or its future potential towards XRP. A particular reason why whales are buying large amounts of XRP may be that investors think the ongoing Ripple lawsuit will end in the altcoin’s favor. It could also mean that whales are tactically using periods of decline or consolidation to increase their holdings.
Citing Santiment data, Ali Martinez said, “Ripple whales have bought over 1.10 billion XRP worth approximately $570 million since the end of February!” used his words.
#Ripple whales have purchased over 1.10 billion $XRP since late February, worth around $570 million! pic.twitter.com/Mx24jXOJ2Q
— Ali (@ali_charts) July 8, 2023
NEWS CONTINUES BELOW
According to the data, these investors bought 1.10 billion XRP in less than five months. In terms of backlog, there was a marked increase in late March, especially amid bullish speculation surrounding the Ripple and SEC lawsuit. This contributed to XRP’s rally in March.
What Is The Importance Of These XRP Savings?
Increasing accumulation of any asset is seen by whales as a positive signal that could result in a bullish altcoin price.
The presence of crypto whales can increase the volatility of the prices of cryptocurrencies and affect other investors in the market. Buying or selling decisions of large whales can often cause market-wide fluctuations and price changes. Therefore, investors and analysts carefully monitor the activities of crypto whales and try to predict market trends based on this data.
However, other factors besides the activities of crypto whales can affect the price of cryptocurrencies. A number of variables, such as news, regulations, the global economic situation, and factors associated with other cryptocurrencies, can determine the movement of the crypto market.
You can follow the current price action here.