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Is XRP heading to $2.35 again after whales bought the dip?
Ripple’s XRP has suffered a sharp decline over the past 24 hours, with a drop of 2.82%. The token hit a low of $2.15 before bouncing back slightly to currently trade at $2.28. Despite this recent downturn, it appears that large investors, or whales, are taking advantage of the situation by buying XRP tokens.
According to an analysis by Ali Martinez, Ripple’s whales have purchased another 110 million XRP tokens worth a staggering $242 million. This significant accumulation of assets is a clear sign of confidence in XRP’s future prospects and potential for growth.
Typically, when large holders such as these whales buy into the market, it can have a positive impact on the token’s price. However, it’s essential to note that this buying activity is currently being overshadowed by a strong downward pressure. The token’s recent decline may be signaling a bearish trend.
The surge in exchange supply ratio reflects a negative sentiment among XRP holders, with more tokens flowing into exchanges than withdrawing from them. This increase could potentially lead to further selling and a drop in the token’s price. Additionally, active addresses have decreased significantly, indicating a lack of participation from investors.
Source: ambcrypto.com
