The cryptocurrency world is witnessing interesting data revealing that large investors called whales are following a distinct accumulation strategy that indicates an upcoming XRP bull run.
As cryptocurrency analysts focus on data regarding large whales accumulating XRP, they speculate that this action could be a sign of an upcoming rise in the altcoin price. The fact that major investors prefer XRP creates the impression that the leading players in the market see potential value in this digital asset.
How Much XRP Did Whales Accumulate This Week?
Ali Martinez, one of the leading analysts of the cryptocurrency market, said that XRP whales accumulated a significant amount of tokens last week. by explaining It excited the crypto community. Santiment’s data supported Martinez’s update on the whale accumulation.
According to the update, between December 14-22, XRP whales purchased approximately 360 million tokens. The dollar value of this impressive amount reached 223 million dollars. However, rather than just focusing on the numbers, it is important to note that these whales are large investors who typically hold between 10 million XRP and 100,000,000 XRP in tokens. This shows that these whales are important actors in the market and have increased their trust in XRP.
Martinez’s analysis suggests that the recent increase in these whales’ tendency to accumulate tokens could be a sign of a potential change in the market. This analysis, supported by charts, shows that XRP whales have not made a similar accumulation movement in the past three months, which suggests that the current situation is a special case.
Large whales accumulating a crypto asset is often seen as a harbinger of a possible rally in the market. However, this situation needs to be combined with other factors. The cryptocurrency market is shaped by the interaction of many variables, so it can be difficult to make an accurate price prediction based on just one indicator.
Previous Whale Activities
In September, when the price of XRP was below the $0.5 threshold, the activities of these XRP whales contrasted with the market performance of XRP. On the other hand, as XRP experienced a rally from the last days of October to mid-November, the actions of XRP whales closely mirrored the cryptocurrency’s performance.
Notably, the number of wallets holding at least 10,000 XRP reached an all-time high during the period. This development occurred while XRP regained the $0.6 threshold it lost in August. Additionally, transactions involving XRP worth more than $1 million during the period reached a three-month high. Data from the market tracker revealed that 255 whale transactions of this size were seen in the final days of October.
However, despite the short-term bullish trend observed in XRP earlier this month, the activity of these whales has decreased. However, XRP whales have continued to accumulate over the past seven days, indicating a possible prediction of the asset’s next rise.
You can follow the current price movement here.
Source : the crypto basic