XRP whales make huge splash as price nears $0.60 
Cryptocurrency Sep 20, 2024 Share
XRP Ledger (XRP) whales intensively buy millions of tokens as the cryptocurrency market shows signs of a momentary recovery. In particular, highly capitalized addresses have accumulated over 380 million XRP in the last ten days, sending prices upwards.
Ali Martinez highlighted this phenomenon in a post on X on September 19, when XRP was priced at $0.588. According to Martinez’s post, which is based on data from Santiment, XRP whale addresses with over 10 million tokens have bought nearly $230 million worth of XRP since September 9.
Interestingly, the XRP price surged as the whales increased their position—a potentially related event due to the market’s buying pressure. Something similar occurred in early August, after a significant crash, in which whales jumped into buying the dip.
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Addresses holding 10 million to 100 million XRP – Whales. Source: Santiment / Ali Martinez
XRP whales buy while Ripple sells
On the other hand, Ripple, XRP’s largest whale and core developer, has prepared a 350 million XRP sell-off for September. So far, the company has already spent 150 million tokens, as Finbold reported on September 13.
These events create an interesting dynamic of whales buying XRP as Ripple sells or prepares for future sales. Indeed, preventing the token’s price from suffering from supply-side pressure as long as there is enough market demand for XRP.
With 200 million XRP still left for Ripple’s selling activities this month, whales must continue buying to prevent losses. Historically, the company’s sales have caused notable price drops, resulting in negative monthly performances most of the time.
XRP price analysis
Right now, XRP trades at $0.579, down 5.6% year-to-date (YTD), with Ripple selling over 2 billion tokens YTD. The price chart also displays a downtrend made of lower highs, which XRP must break before moving into sustainable growth.
XRP year-to-date price chart. Source: Finbold
Retail’s sentiment is mostly bearish, as observed on social platforms, contrary to what XRP whales demonstrate with the observed accumulation.
As things develop, traders and investors must closely watch both the bullish buying whales and the selling Ripple. The supply and demand equation will be the ultimate indicator of whether XRP will make new highs or consolidate in the current lows.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
