Cryptocurrency analyst and trader Ali Martinez has shared data that shows that cryptocurrency whales have accumulated a massive amount of XRP over the past few days. It happened once the XRP dropped substantially and the market provided a big buy-the-dip opportunity.
According to his tweet and the data shared by Santiment on-chain data vendor, between Dec. 4 and 7, when the XRP price displayed a drastic 23% plunge from $2.90 to $2.22, whales charged and grabbed a mind-blowing 120 million XRP worth approximately $288 million at the time of the purchase.
While $XRP dropped from $2.90 to $2.22, whales bought the dip. They purchased over 120 million #XRP, totaling $288 million! pic.twitter.com/aF2L9dB6Ks
— Ali (@ali_charts) December 7, 2024
On Friday, more than 22 million XRP were bought and withdrawn from the world’s largest crypto exchange Binance.
Since that drop, XRP has been consolidating, moving sideways in the range between $2.23 and $2.43. Over the past 24 hours, it has staged a surge by 8% and is currently trading at $2.43514.
Earlier this week, between Dec. 1 and Dec. 3, XRP sent shock waves through the cryptocurrency market by staging a 51.5% spike and surpassing the $2 level. Thus, XRP made its way back to the top-three position in terms of market capitalization value as it had added roughly $100 billion over the past four weeks.
