XRP Whales Fuel 10% Surge with $300 Million Buying Spree: What It Means for the Future

XRP Whales Unleash $300 Million Buying Spree, Driving 10% Surge

On-chain data reveals a significant surge in XRP buying activity, driven primarily by the actions of large-scale investors known as whales. This buying spree, totaling over $300 million, has played a major role in propelling XRP prices upward by 10%.

According to crypto analyst Ali Martinez, XRP whales have amassed an additional 470 million XRP tokens in the past 10 days. This data, derived from the “Supply Distribution” indicator provided by on-chain analytics firm Santiment, tracks the total amount of XRP held by different wallet groups. This indicator highlights the increased accumulation of XRP by whales, who typically hold between 100 million and 1 billion XRP.

“The influence of any entity on the network goes up the more holdings that they carry,” explains Martinez, emphasizing the potential impact of whale activity on the XRP market. While their actions may not directly dictate price movements, they offer valuable insights into market sentiment within this influential group.

The chart above clearly demonstrates the recent surge in XRP whale holdings. The majority of this buying occurred while XRP was trading around $0.58, suggesting that whales saw a profitable opportunity at that price level. Their bet has clearly paid off, as XRP has since climbed above $0.63.

While the recent surge in XRP has been fueled by whale buying, it’s crucial to keep an eye on future developments. If this trend continues, it would be a bullish sign for XRP, indicating sustained whale support and the potential for further price gains. However, a decline in whale holdings could signal profit-taking and potentially lead to a price correction.

At the time of writing, XRP is trading at $0.631, up 8% in the past week. This upward momentum suggests that the recent buying spree has injected positive sentiment into the market.

Stay tuned for further analysis and updates on the XRP market as the impact of whale activity continues to unfold.