[XRP whale returns with 26 million XRP in 24 hours]
XRP has begun to recover from losses from the recent cryptocurrency crash and is receiving significant support from “whales” who have begun accumulating the cryptocurrency in large quantities. The bearish sentiment appears to be fading.
Earlier today, the market observed buying activity by XRP whales. More than 26 million XRP worth approximately $13.62 million was transferred from cryptocurrency exchange Binance to an unknown wallet, according to Whale Alert. Whales typically purchase cryptocurrencies on major exchanges and then transfer the assets to private wallets to hold them long-term. This move indicates that they intend to hold these XRPs for the long term.
Buying and accumulating actions by crypto whales are often seen as bullish signals, and as such, this buying wave is expected to bring significant support to the price of XRP. After the recent crash, the price has started an upward trend and this accumulation behavior will be more favorable.
At the time of writing, XRP price is $0.5069, up 14.13% in the past 24 hours. Despite Sunday’s crash, the coin is still up 16.57% in the past 30 days. This shows how resilient Ripple’s founding coin has been during the market sell-off.
Furthermore, today’s price increase suggests that XRP has not lost momentum yet and will continue this bullish trend. The coin has already surpassed other well-known coins such as Ethereum (ETH) in the market, and it seems that whales are preparing to push the price to new highs in the coming weeks.
