The largest $XRP whales appear to be taking advantage of the recent price pullback, having accumulated 1.15 billion $XRP in the past few days.
After soaring to a high above $1.51 on April 17 on the back of a broader market recovery push, $XRP faced resistance at this level and has since continued to correct. Interestingly, whales holding at least 10 million $XRP have leveraged this opportunity to amass 1.15 billion $XRP.
Key Points
- The $XRP price has corrected nearly 10% from its April 17 peak of $1.51 as buying momentum weakens.
- Some of the largest $XRP whales have taken advantage of the price dip to amass 1.15 billion tokens in 11 days.
- Whales holding 10 million to 100 million $XRP have accumulated 420 million tokens within this period.
- Addresses with at least 1 billion $XRP have added 730 million tokens to their balance.
$XRP Facing Renewed Selling Pressure
Data from Santiment, a leading market intelligence resource, confirms this recent trend, which has persisted alongside renewed selling pressure in the broader crypto market.
Notably, $XRP had leveraged the bullish momentum from earlier in the month, when Bitcoin ($BTC) recovered from the $70,000 low on April 12. The $XRP price staged a similar relief bounce, jumping from $1.35 to a high of $1.51 by April 17. This marked a 1-month peak for $XRP, which had spent late March and early April under pressure.
However, after $XRP faced resistance at $1.51, a pullback ensued, coinciding with a decline in the broader market’s bullish momentum. $XRP has since slumped nearly 10% from the $1.51 peak to the current price of $1.36. In the same vein, $BTC has dropped 5.2% from its recent high of $79,500 to $75,400.
$XRP Whales Amass 1.15B Tokens
Interestingly, while sentiments have since turned sour, some of the largest $XRP whales appear to be leveraging the downward trend to accumulate more at lower prices.
Specifically, whales holding between 10 million and 100 million $XRP had a cumulative balance of 11.22 billion tokens as of April 19, two days after the pullback began. At press time, these whales now hold 11.64 billion $XRP, indicating that they increased their balance by 420 million $XRP worth $571 million over the last 11 days.
Meanwhile, addresses with at least 1 billion $XRP had a cumulative balance of 25.51 billion tokens on April 19. Since then, they have continued to increase their stash, currently holding 26.24 billion $XRP. This translates to an addition of 720 million $XRP worth $979 million in less than two weeks.
While the growing balances among whales holding 10 million to 100 million $XRP likely indicate genuine market demand, the increase among wallets with at least 1 billion $XRP may instead point to institutional rebalancing. These large addresses are typically associated with entities such as exchanges rather than individual investors.
