Big or Whale investors have continued to amass more XRP tokens in anticipation of a price rise, recently cupping over 373 million tokens in an accumulation spree.
Despite leveraging the latest market uptrend to record a bullish run, XRP has not caught up to other crypto assets in the market. Amid this underperformance, some investors have taken to amassing more XRP tokens at lower prices, awaiting an imminent price rally.
Whale Alert, a leading whale-tracking resource, recently spotlighted a cluster of large transactions involving the accumulation of millions of XRP by different wallets. The trend involved over 392 million XRP across six different transactions.
Details of the Transactions
The first transaction saw the withdrawal of 18.346 million XRP valued at $11.207 million to an unknown wallet. In the second transaction, a whale address amassed 18.345 million XRP worth $11.389 million at the time. The third transaction involved the flow of 18.399 million XRP worth $11.580 million to another unknown wallet.
Notably, two of the last three transactions followed a similar pattern, involving a little above 18 million XRP. For the fourth transaction, the whale moved 18.916 million XRP valued at $11.749 million. Meanwhile, the fifth movement involved an inflow of 18.585 million XRP worth $11.617 million.
These five transactions cumulatively saw the movement of a total of 92.558 million XRP into unknown wallets.
Interestingly, all five transactions originated from Binance, with Binance activating the recipient wallets on Jan. 3, 2024. This has raised speculation that the transactions could involve in-house fund flows by Binance.
However, the sixth and largest transaction took a different pattern, witnessing the accumulation of a whopping 300 million XRP worth $187.1 million at the time by an unidentified whale.
Though the transaction also originated from Binance, the recipient’s wallet was not activated on Jan. 3. Shortly after receiving the funds, the whale moved 257 million XRP to a new address. The address has continued to hold onto the tokens at the time of reporting.
Similar Whale XRP Movements
Such whale movements have increasingly become prevalent in the current market cycle. Last month alone, The Crypto Basic called attention to the movement of 63 million XRP on the 13th, 60 million XRP on the 22nd, and 300 million XRP on the 28th. All these transactions came from Binance.
The latest movements have come at a time when XRP is struggling to recover from the latest market retracement. The asset registered a massive 8.72% decline on March 5 but is looking to reclaim the lost value amid the recovery campaign. XRP is up 0.42% to a current value of $0.6265.
