Ripple whales bought more than 50 million XRP over the weekend, reports crypto analyst Ali Martinez. Citing data from Santiment, Martinez shows in a chart attached to a post how the total balance of holders holding no less than 1 million to 10 million XRP has increased to 4.29 billion tokens, with an apparent increase in the last two days. This is what Martinez is talking about when he mentions the addition of 50 million to these whale wallets.
It is quite astonishing that the notable increase in whale XRP wallets occurred amid the rally in the price of the popular cryptocurrency. Thus, since Nov. 12, the price of XRP broke out of the triangle pattern that had been forming since 2018.
#Ripple whales bought more than 50 million $XRP over the weekend! pic.twitter.com/99d5lpc9GH
— Ali (@ali_charts) November 25, 2024
Thirteen days after that, the price of XRP skyrocketed by 131% to as high as $1.63. At the same time, whales absorbed about 460 million XRP, of which 50 million, or 9%, came in last weekend.
What comes first?
This convergence of whale accumulation and XRP price rally begs the question — was the rally whale driven or was whale accumulation price driven?
At first glance, it seems that XRP’s sudden price rise was unexpected even for the largest holders. At the same time, the fact that they supported the rally with more buying suggests that the reasons behind the rally were quite revealing to them.
The weekend’s whale buying spree shows that more and more people are interested in XRP as its market outlook changes. Whether this trend continues depends on what happens on the broader market and what other factors come into play.
