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Cryptocurrency analyst and trader Ali Martinez has shared data that shows that cryptocurrency whales have accumulated a massive amount of $XRP over the past few days. It happened once the $XRP dropped substantially and the market provided a big buy-the-dip opportunity.
According to his tweet and the data shared by Santiment on-chain data vendor, between Dec. 4 and 7, when the $XRP price displayed a drastic 23% plunge from $2.90 to $2.22, whales charged and grabbed a mind-blowing 120 million $XRP worth approximately $288 million at the time of the purchase.
While $XRP dropped from $2.90 to $2.22, whales bought the dip. They purchased over 120 million #$XRP, totaling $288 million! pic.twitter.com/aF2L9dB6Ks
— Ali (@ali_charts) December 7, 2024
On Friday, more than 22 million $XRP were bought and withdrawn from the world’s largest crypto exchange Binance.
Since that drop, $XRP has been consolidating, moving sideways in the range between $2.23 and $2.43. Over the past 24 hours, it has staged a surge by 8% and is currently trading at $2.43514.
Earlier this week, between Dec. 1 and Dec. 3, $XRP sent shock waves through the cryptocurrency market by staging a 51.5% spike and surpassing the $2 level. Thus, $XRP made its way back to the top-three position in terms of market capitalization value as it had added roughly $100 billion over the past four weeks.