An analytics firm has shed light on some of the strangest things that have been noticed in the movements of XRP whale wallets over the past two months, and what has come to light is quite dazzling. In the span of 2 months, these whales added nearly $1 billion worth of tokens to their holdings in anticipation of a massive price boom. This purchase was one of the largest ever made in the popular altcoin.
Whales Feasting
According to blockchain analytics firm Santiment, the biggest XRP investors are trying every possible way to wipe out their XRP tokens. A recent report by the firm states that balances at these addresses have increased by a staggering 76% in the last two months. This data was collected between December 2021 and February 2022, according to Santiment.
Over the two-month period, these whales added 897 million XRP worth $712 million to their wallets. According to on-chain data, this whale hoarding spree is known as the second biggest buy move in XRP history. The biggest of these shopping sprees is the epic accumulation that took place in November 20220, when 1.29 billion XRP was snatched by whales. This acquisition, which took place in 2020, was in response to the SEC lawsuit that still continues to haunt Ripple Labs.
The latest XRP whale accumulation comes at a time when the asset is stuck in a price range of less than $1. XRP is currently trading at $0.71, down 79 percent from its all-time high of $3.84. With a market cap of $34.1 billion, the asset ranks ahead of Cardano in the list of cryptocurrencies and 6th below USD Coin.
Recent data from Santiment says there is a correlation in XRP’s cyclical rises against the USD, and this correlation can be observed in the XRP/BTC exchange rates. Also, in their analysis, Santiment identifies the whale address as an address that holds more than 10 million units of XRP.
Whales collect coins
The activities of whales in the market are closely followed by analysts and investors in all markets. These big hodlers have tremendous power and play an important role in the growth of the cryptocurrency markets.
The result of the dip in cryptocurrency prices after the highs we witnessed in the last quarter of 2021, the whales increased their positions and saw the bottom as an opportunity. Again, an insider report claims that the number of BTC addresses 1,000 BTC and above has reached an all-time high of over 2,334, and this whale dominance in BTC is thought to be reflected in other altcoins. The increasing activity of whales is causing retail investors to be on the alert as they try to take advantage of the waves created by these whales.