The price of the native token of the XRP Ledger, XRP, is up more than 11% over the past month after whales accumulated more than 470 million tokens in just 10 days in a buying spree that came shortly after Grayscale Investments announced the launch of its Grayscale XRP trust.
According to data from cryptocurrency analytics firm Santiment, first shared by popular cryptocurrency analyst Ali Martinez on the microblogging platform X (formerly known as Twitter), XRP whale accumulation surged recently to the point over 470 million tokens were added to their wallets in less than two weeks.
#Ripple whales have bought over 470 million $XRP in the past 10 days! pic.twitter.com/8I3ZWF0cgO
— Ali (@ali_charts) September 29, 2024
Whales in the XRP ecosystem typically hold between 100 million and 1 billion XRP tokens, representing a substantial investment. Their behavior can often serve as an indicator of broader market sentiment and potential price movements.
XRP is at the time of writing trading at $0.63, up more than 20% over the last 12 months and more than 10% in the past month, but its rise year-to-date is of around 3% while other digital assets significantly outperformed it.
The whale accumulation came shortly after Grayscale Investments, the world’s largest cryptoasset manager and a whole-owned subsidiary of Digital Currency Group (DCG), announced the launch of its latest crypto investment product, the Grayscale XRP Trust.
Grayscale XRP Trust is designed to provide investors with exposure to XRP and is available to accredited individual and institutional investors, according to a press release issued by the firm.
As CryptoGlobe reported, a popular crypto analyst has recently predicted that the price of XRP could see an exponential price rise to the $18.22 mark, which would represent a staggering 3,200% rise from its level at the time of the prediction.
Featured image via Unsplash.
