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While $XRP has been showing mixed price actions in the past days, an insane buying spree from its large holders has kept investors optimistic. A recent tweet shared by popular crypto analyst Ali Martinez shows massive $XRP accumulation from whales over the past two days.
The tweet shared on-chain data from Santiment, which revealed that $XRP addresses holding between 100 million $XRP and 1 billion $XRP have increased their holdings with a combined acquisition of a massive 900 million $XRP in just 48 hours.
$XRP’s rally not over
The aggressive accumulation trend has sparked interest across the broad crypto community, causing them to worry less about the ongoing downtrend in $XRP’s price, which has seen it switch to the red zone during the mid-hours of the day.
According to the data shared, the large amounts of $XRP accumulated by whales over the last two days were worth over $2.88 billion, per $XRP’s trading price during the period.
Although $XRP has flipped negative in the past few hours, the massive buying activities from $XRP whales come amid a notable increase in the price of the token during the period the accumulation lasted.
While $XRP has fallen below the $3 mark in the previous days, the massive accumulation trend coincides with a sudden increase in $XRP’s price, which saw it rebound above the $3.2 level during the period.
According to the chart showcased by the source, the spike in $XRP’s whale holdings started in late July, which triggered a notable rally that saw $XRP head toward achieving its multi-month highs. Hence, market participants are hopeful that this massive $XRP accumulation might be succeeded by a similar uptrend, which could possibly push $XRP to achieve a new all-time high.
While the recent price correction experienced in the prices of major cryptocurrencies like BTC, ETH, and $XRP itself suggests some profit-taking activities from long-term holders, the renewed spike in large-holder accumulation suggests growing confidence in $XRP’s price potential in the near term.
In addition to the massive $XRP accumulation from large holders, the buzz around the potential $XRP ETF launch and major developments from the Ripple team have kept investors optimistic about $XRP hitting major grounds soon.