XRP Whales Take Advantage Of 20% Drop To Buy Millions Worth Of Tokens

XRP Whales Capitalize on Market Downturn

Despite a recent market selloff that saw the value of many cryptocurrencies plunge, XRP whales are taking advantage of the dip to accumulate more tokens.

Whale Accumulation Patterns

Whale Alerts, a whale transaction tracker, has observed substantial XRP transfers in the past 48 hours. The majority of these transfers involved moving XRP into private wallets from cryptocurrency exchanges.

The most recent large transaction recorded was the transfer of 26.69 million XRP ($13.6 million) from Binance to an unknown private wallet. This transaction forms part of a larger accumulation trend, with a total of 157 million XRP ($75.16 million) moved into private wallets from exchanges in the last 24 hours, primarily originating from Binance.

However, one notable transaction, a transfer of 31.7 million XRP ($15.1 million) from a private wallet into Bitstamp, indicates a potential selloff.

Potential Price Recovery

This whale accumulation could signal a future price recovery, as significant purchases by large holders often precede market upswings. The strategic buying during the price dip suggests confidence in the long-term prospects of XRP.

The Relative Strength Index (RSI) indicates an increase in buying momentum, suggesting investors are re-entering the market.

As of writing, XRP is trading at $0.5016, representing a 7.11% increase in the past 24 hours. This recovery has brought XRP back to a crucial multi-month resistance and support level at around $0.5.

Source: X