According to U.Today, Ripple whales have significantly increased their holdings by purchasing over 50 million XRP tokens over the weekend. Crypto analyst Ali Martinez, referencing data from Santiment, highlighted this trend, noting that the total balance of wallets holding between 1 million to 10 million XRP has surged to 4.29 billion tokens. This increase in whale activity coincides with a notable rally in XRP's price.
Since November 12, XRP's price has broken out of a long-standing triangle pattern that had been forming since 2018. This breakout led to a dramatic price increase, with XRP soaring by 131% to reach a high of $1.63. During this period, whales absorbed approximately 460 million XRP, with 50 million of these tokens being acquired over the recent weekend. This accumulation by large holders raises questions about the relationship between whale activity and the cryptocurrency's price movements.
The recent surge in XRP's price and the corresponding whale accumulation suggest a complex interplay between market dynamics and investor behaviour. While the sudden price rise may have been unexpected, the continued buying by whales indicates that they may have insights into the factors driving the rally. The growing interest in XRP among large holders reflects a changing market outlook, although the sustainability of this trend will depend on broader market conditions and other influencing factors.
