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What Are Ripple Whales Doing During This XRP Price Dip?
Ripple’s token, XRP, has been experiencing a turbulent few weeks. After its explosive surge in July, the asset plummeted to retest the $3 support level once again. However, it seems that Ripple whales have been buying up large quantities of XRP during this dip.
According to recent data, these massive investors have accumulated over $360 million worth of XRP during the most recent price decline. This is not an isolated incident, as they have been on a buying spree for the past few weeks. In fact, it was reported that they purchased another 320 million XRP (valued at roughly $1 billion) in just three days.
The magnitude of these purchases has significant implications for the market. Firstly, it reduces the circulating supply, which can have a positive impact on the asset’s price. Additionally, such substantial acquisitions may serve as an example to smaller investors, encouraging them to follow suit and potentially boosting XRP’s value.
Since July, the cryptocurrency has experienced a remarkable increase in value, soaring from under $2.30 to reach an all-time high of over $3.65 before plummeting back down towards $2.70. However, in recent days, XRP’s price action has been less volatile, becoming stuck within a tight range between $3.00 and $3.30.
The cryptocurrency tested the lower boundary of this range on two occasions in the past 36 hours, but it seems that bulls have managed to defend it thus far. Interestingly, Martinez notes that the upper boundary is currently at $3.26, with a break above it potentially sending XRP’s price soaring to an all-time high of $3.90.
It appears that Ripple whales are not letting this latest downturn in XRP’s value go unnoticed. Their persistent buying activity may just be what’s needed to stabilize the market and potentially drive prices higher.
Source: cryptopotato.com
