XRP Whales Accumulate 540M XRP Worth $270M in 5 Weeks
Whale addresses are on an accumulation spree, having procured 540 million XRP worth over $270 million in the past five weeks.
Market veteran Ali Martinez called the public’s attention to this sustained accumulation pattern in a recent post on X, citing data sourced by on-chain intelligence resource Santiment. The buying spree comes up amid the ongoing market turbulence, which has seen XRP drop 16% since March 11.
XRP Faces Turbulence:-
For context, XRP capitalized on the market uptrend earlier this year to record an impressive price run. This rally allowed it to surge 53% from the low of $0.4853 on Jan. 31 to a yearly high of $0.7440 on March 11. However, this coincided with a push to a major resistance point, eventually leading to a price crash.
This crash was exacerbated by the market-wide turbulence, such as Bitcoin (BTC) and the rest of the market witnessed price declines. However, as XRP saw its price dip to lower levels, market participants took to accumulating more tokens in an apparent buy-the-dip pattern.
Whales Accumulate 540M XRP:-
As disclosed by Martinez, data from Santiment confirms that whale addresses holding between 1 million and 10 million XRP have been augmenting their balances since last month. Per the data, this cohort of addresses have procured 110 million XRP valued at $55 million over the last two weeks.
Due to this purchase spree, the cumulative balance of these whale addresses surged to 3.72 billion XRP, representing 6.7% of XRP’s circulating supply. Although this balance has dropped to 3.69 billion at the reporting time, it still represents an impressive uptick from the 3.61 billion figure recorded on April 29.
Bullish Sentiments Amid Price Struggles:-
Moreover, wallets holding 10 million to 100 million XRP have continued to increase in number since January. At the end of last year, these wallets amounted to 189. Nonetheless, they have increased to the current figure of 247, suggesting an addition of 58 new addresses this year.