XRP, the seventh largest cryptocurrency by market capitalization, has recently seen huge accumulation from large holders known as "whales." According to crypto analyst Ali Martinez, these whales have purchased over 470 million XRP in the past 10 days.
Blockchain data tracker Whale Alert captures some of these large XRP movements. In the past two days specifically, millions of XRP were shifted to unknown wallets from Upbit, the largest cryptocurrency exchange in South Korea in terms of trading volume and customer base.
#Ripple whales have bought over 470 million $XRP in the past 10 days! pic.twitter.com/8I3ZWF0cgO
— Ali (@ali_charts) September 29, 2024
Three such large transactions were reported by Whale Alert: two transactions of 31 million XRP each and a single transaction of 26 million XRP shifted from Upbit to unknown wallets.
XRP is presently the most traded cryptocurrency on Upbit, indicating interest among South Korean traders who are well-known in crypto circles for driving major token rallies; this adds to buying pressure and may influence prices.
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This increase in XRP accumulation has not been ignored, and it has had a significant impact on the market. The price of XRP has seen a substantial increase in days, up 8% weekly.
XRP outperforms major cryptocurrencies
XRP is outperforming the broader crypto market, which is currently experiencing profit-taking. XRP is up 1.1% in the last 24 hours to $0.6307. Global crypto market capitalization is down by 2.05% over the same period, to $2.25 trillion. Bitcoin is down 3% over the last 24 hours, sliding below $64,000.
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Following two days of sharp price increases, XRP surged to highs of $0.665 on Sept. 29, where it encountered resistance. XRP's rally in late July saw profit-taking near this key level, confirming it as resistance for the XRP price.
If the $0.66 barrier is effectively surmounted, XRP could rally toward $0.74 and then reach $0.90. On the other hand, if profit-taking ensues and XRP breaks below $0.64, the next major support could be $0.58.
