u.today
An unknown entity scooped up more than $35 million worth of $XRP in less than an hour.
According to market analyst Dom (@traderview2), the mystery buyer has used a peculiarly specific algorithmic strategy in order to disguise the massive entry. "This isn't something you see often," the analyst noted.
The unidentified entity in question set up a sophisticated bot that ended up making a total of 156 identical purchases of 10,000 $XRP. This was in lieu of placing one mammoth market order that would cause massive slippage.
These orders fired off like clockwork every 18.5 seconds, with the buying spree lasting a total of 48 minutes.
It took place across several cryptocurrency exchanges. Coinbase, the US crypto behemoth, has accounted for $23.4 million of the recent accumulation.
Volume breakout
The spot CVD across the tracked exchanges remained relatively flat and slightly negative during the early morning hours.
However, just before the 11:00 mark, the chart shows a huge explosion in buy volume.
It took mere minutes for the red line (Coinbase) to skyrocket from negative territory all the way up to the 16 million mark.
The teal line (Kraken) and yellow line (Bitstamp) mirrored this exact trajectory.
The algorithm executed trades across the secondary exchanges to fill the massive order without completely draining Coinbase's localized liquidity.
$XRP market performance
$XRP's broader price action remains relatively measured in spite of the massive, sudden influx of buying pressure from this single entity.
The token is currently changing hands at $1.33, representing a modest 1.4% gain on the day.
It is also showing strength against the broader market leader with a 2.3% increase in its Bitcoin pairing.