The XRP price is continuing to struggle without any notable gains. However, this has not stopped crypto whales from continuing their buying spree. Two major transactions have revealed investor sentiment around XRP during the recent market slump.
A whale bought around 28.77 XRP tokens earlier today. Reported by Whale Alert, this transaction is equivalent to almost $13.77 million. The XRP whale transferred these coins from crypto exchange Binance to their own wallet.
Similarly, another whale purchased almost 29.29 million coins a few hours after the first transaction. This transaction seems to be conducted by a different holder, as seen by their wallet address. However, this XRP whale also bought these coins, worth around $13.91 million, from Binance.
Collectively, nearly 58 million XRP coins have been purchased in the last 24 hours. This is a staggering amount considering the fact that the XRP price has failed to rally in the recent past. However, these whales are clearly bullish, and their buying spree has the potential to inject some momentum into the market.
What does it mean for XRP price?
There seems to be nothing positive for XRP in terms of its trading price. Per CoinMarketCap, the coin is trading at $0.4758, with a dip of 0.12% over the last 24 hours. The price of XRP has dipped 11.16% over the past month, painting a clearer picture of the bearishness that surrounds the coin.
XRP, the brainchild of Ripple Labs, has been struggling for quite some time now. However, this rising whale accumulation can help it break the shackles. Whales are known to have large holdings of different coins. Their buying and selling can leave major impacts on a particular crypto.
In the case of XRP, these two whales have accumulated the coin. This is considered a positive sign, so we may see slight positive movement in the XRP price. However, it can be a long term scenario, and we might not see upward movement in the short term.
