During the recent market crash, Ripple whales purchased more than 100 million XRP, which is positive news for its native cryptocurrency XRP.
During the market downturn, Ripple whales decided to make large purchases of the token, drawing widespread attention from global investors. On Wednesday, on-chain data released by a top cryptocurrency analyst showed that whales purchased over 100 million XRP through exchanges amid the recent market crash. In response, given the staggering purchase volume, the market generally believes that cryptocurrencies will rise further.
Market downturn sparks optimism as Ripple whales scoop up 100 million XRP
According to top cryptocurrency analyst Ali Martinez's post on X, as of December 11, Ripple whales purchased over 100 million tokens during the market crash. This staggering purchase has paved the way for bullish sentiment in the cryptocurrency, highlighting the increasing market interest.
In context, the behavior of whales reflects the sentiment of buying the dip in the cryptocurrency market following its recent crash. CoinGape Media reports that altcoins have borne the brunt of the intensified cryptocurrency liquidations, with liquidation values exceeding 1.76 billion dollars. The increase in liquidations has led to market crashes, consistent with the recent dip-buying behavior of whales.
Additionally, another on-chain indicator has sparked a starkly different view in the market regarding the future trend of cryptocurrencies. Over the past 30 days, whales have transferred more than 2.66 billion XRP to Binance, raising concerns as the exchange's supply increases. In summary, the buying and selling on exchanges have triggered uncertainty, making it noteworthy XRP news in the market.
What’s the next step for the token?
The price of XRP rose by 6% during today’s trading session, currently at 2.369 dollars. Its 24-hour low and high are 1.912 dollars and 2.411 dollars, respectively. Notably, after recently falling back to the 1 dollar level, the token seems to be starting to recover amid increased buying power.
At the same time, a recent XRP price analysis from CoinGape Media indicated that the market's technical outlook is bullish, signaling a significant upcoming rise. Ripple has broken through a bullish triangle or bull flag pattern that has lasted for eight years, indicating substantial upside potential.
Moreover, Ripple Labs has received approval from the NYDFS for the RLUSD stablecoin, adding a layer of optimism to the U.S. blockchain company's cryptocurrency endeavors. As the Ripple whales' movement and ecosystem development continue, market observers remain focused on further price changes of the token.