According to Odaily, on-chain analyst Ali has shared data revealing significant activity by whales in the cryptocurrency market. During the period when XRP's price declined from $2.9 to $2.2, these large investors seized the opportunity to accumulate more than 120 million XRP tokens. The total value of this acquisition is estimated to be around $288 million.
This substantial purchase by whales indicates a strategic move to capitalize on the lower prices, potentially anticipating a future price rebound. The accumulation of such a large quantity of XRP suggests confidence in the asset's long-term value, despite the recent price fluctuations. This behavior is often observed in the cryptocurrency market, where large investors take advantage of price dips to increase their holdings.
The activity of whales can significantly influence market dynamics, as their large transactions can impact supply and demand. This recent accumulation of XRP highlights the ongoing interest and investment in the cryptocurrency, even amidst market volatility. As the market continues to evolve, the actions of these major players will likely remain a focal point for analysts and investors alike.
