Whales Accumulate 40 Million XRP In 48 Hours – Where’s The Price Headed?

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Popular crypto analyst Ali Martinez shared data suggesting an interesting accumulation trend among XRP investors despite ongoing price uncertainty. According to Martinez, who referenced data from on-chain analytics platform Santiment, XRP whales have made substantial purchasestotaling around 40 million XRP within the last 48 hours. Related Reading Baby Doge Coin Rockets 200% In 30 Days – What’s On The Horizon? 2 days ago

This significant accumulation trend coincides with a rise in large transactions to and from cryptocurrency exchanges, as highlighted by whale transaction tracker Whale Alerts during the same period. Whales Buy Millions Of XRP

In a recent poston social media platform X, Martinez shared a Santiment data chart that illustrates the total holdings of XRP addresses containing between 1 million and 10 million XRP tokens.

He highlighted that these specific cohorts of traders have collectively acquired approximately 40 million XRP over the past 48 hours, amounting to an investment of around $22 million. While this figure might appear modest in comparison to the more substantial movements typically seen from XRP whales, it marks a significant development as it represents the first notable inflow into these wallets since the beginning of the month.

The chart shared by Martinez reveals a concerning trend. The total holdings of these whale wallets have been in a steep decline since the start of October. On October 1, the cumulative holdings for this group were recorded at approximately 3.93 billion XRP.

However, in a matter of days, these wallets experienced a substantial loss of around 130 million XRP, driving their total holdings down to a three-month low of 3.8 billion XRP by October 8. However, recent accumulation by the whale addresses has seen their collective holdings increase to 3.85 billion in the past 24 hours.

According to data from Whale Alerts, there have been multiple instances of large XRP transactions entering and leaving crypto exchanges in the past 24 hours. The largest transaction occurred with the transfer of104 million XRP tokens worth $55 million from an unknown wallet into a new unknown wallet. XRP is currently trading at $0.53. Chart: TradingView

Another notable transaction was thetransfer of 52 million XRP tokens worth $27.8 million from an unknown wallet into crypto exchange Bybit. A while later, 30 million XRP tokens were transferred from Bybitinto another private wallet. Is XRP Headed To $0.5 Or $0.6?

Current price action shows XRP consolidatingbetween an upper range of $0.54 and a lower range of $0.52 within the past seven days. This lack of clear direction suggests low volatility and a lack of interest among crypto traders, as evidenced by a trading volume decline of approximately 30% in the last 24 hours. Related Reading Whales Hoard $90 Million In Bitcoin: A Sign Of What’s To Come? 1 day ago

However, the recent increase in whale holdings could signal a renewed interestamong large investors in XRP, hinting at a potential shift in market sentiment as the new week begins. Historically, increases in whale accumulation have often been accompanied by a steady risein the XRP price. If this trend continues, it could replicate the accumulation seen in September, which propelled XRP to a peak of $0.668.

Featured image from Pexels, chart from TradingView