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While XRP sank to the $0.4 threshold, crypto whales took the opportunity to load their bags.
Market watcher Ali Martinez recently called attention to this development in an update on X. In the post, Martinez highlighted how crypto whales took notice of XRP’s fall from the $0.6 range, crashing in the $0.4 channel.
About three weeks ago, XRP traded as high as $0.6413 but collapsed to a year’s low of $0.4336 days later. This marked a 32% dip in under three weeks. Meanwhile, whales found a significant buying opportunity through this retracement.
How Much XRP Whales Bought
Citing data from the intelligence platform Santiment, Martinez uncovered that whales amassed over 31 million XRP assets in the past week. Notably, these investors are in the tier of those holding between 10 million and 100 million XRP tokens.
$XRP dropped from $0.62 to $0.41, and #crypto whales took notice. They've bought over 31 million #XRP in just the past week! pic.twitter.com/3FCA3PR3hi
— Ali (@ali_charts) April 23, 2024
Considering that XRP trades at $0.5442, this suggests that these whales have injected approximately $16 million into the XRP market. Meanwhile, The Crypto Basic earlier uncovered that the whales amassed 600 million XRP in two weeks.
Community Reacts
However, Martinez’s update on the latest accumulation frenzy by XRP whales has failed to impress crypto market participants. An X user argued that accumulating 31 million tokens “sounds weak,” emphasizing that the monetary value is insignificant. Another pointed out that despite the whale accumulation, there is barely a notable uptrend in XRP’s market.
While XRP’s price of $0.5442 reflects no positive gain in the last 24 hours, it marked a significant 10% advancement in its one-week performance. Meanwhile, some commenters believe XRP could be setting out for $0.65 soon amid the whale transaction.
XRP Whale Count on the Rise
Furthermore, the chart accompanying Martinez’s update illustrated that wallets containing between 10 million and 100 million XRP historically tended to augment their holdings as XRP declined.
In an earlier update, Santiment similarly drew public attention to the growing count of wallets holding at least one million XRP. Santiment pointed out that as of April 22, wallets holding 1 million or more XRP reached 2,013. Their count has steadily increased for the past six weeks, soaring by 3.1%.
Remarkably, this new figure approached the previous all-time high of 2,014 recorded on June 17, 2023. The ATH coincided with XRP’s recognition as the only digital asset with clear regulatory status in the United States.