A ‘Buy’ Signal for That Giant Altcoin?

Except for the last hours, a mostly neutral sentiment prevailed in the cryptocurrency market this week. In this process, XRP whales did not miss the opportunity to accumulate more tokens. Investors are wondering whether this is a buy signal for the altcoin amid developments regarding XRP’s largest holder, Ripple. Crypto analyst Vinicius Barbosa interprets the data.

XRP whales increased their total stash by 110 million XRP!

cryptokoin.comAs you follow from , the market followed a mixed course at the beginning of the week. However, the whales were on the move. Popular analyst Ali Martinez released Santiment’s data on X. Martinez emphasized that there has been a significant accumulation of XRP in whale addresses with balances between 1 million and 10 million in the last 15 days. These XRP whales increased their total stash by 110 million XRP, from 3.60 billion to 3.72 billion. Notably, this category of investors has been accumulating more tokens in an uptrend since March. It is also making higher lows and higher highs.

Moreover, today’s data shows a yearly high for ‘1M-10M’ whale-held XRP supply. This also indicates a bullish divergence, considering that the altcoin price has since fallen in the opposite direction.

XRP Price, + 1M to 10M coins (XRP). Source: Santiment / Ali Martinez

XRP social volume increases as whales accumulate!

When Santiment’s data was intersected with XRP’s social volume with whale accumulation, an interesting picture emerged. Social interest and mentions for Altocin have been declining since the peak in March. This is another indicator of social division, where the whales appear to be on the rise while the crowds are losing interest. According to experts, this asymmetry usually indicates that prices will rise in the future. It is also considered a buy signal for knowledgeable traders and investors.

Price + Social Volume + 1M to 10M coins (XRP). Source: Santiment

While altcoin whales accumulated 110 million, Ripple threw away 150 million

In comparison, Ripple sold 150 million XRP worth approximately $75 million in May. Thus, the Company started its monthly sales. Sales are part of the company’s revenue model. The company extracts locked tokens from the genesis block and puts them into circulation. This essentially inflates the supply of XRP.

Ripple unlocks 1 billion XRP on the first of every month. In addition, it sends 200 million to treasury reserves. This activity is putting pressure on the altcoin price given that new XRP tokens are available for whales to purchase. For example, the company’s recent supply increase has suppressed demand for the last 110 million whales. Meanwhile, investors are actively monitoring other developments in the market to understand when is the best time to make a purchase or exit a position based on the economic dynamics of the asset.

To be informed about the latest developments, follow us twitterin, Facebookin and InstagramFollow on and Telegram And YouTube Join our channel!

source site-1