Introduction

Alright folks, hold on to your digital wallets because there's a significant splash happening in the crypto waters. Market whales are on an XRP shopping spree, amassing a staggering 540 million XRP worth a cool $270 million in just five weeks! Yup, you read that right. This mammoth accumulation pattern has been flagged by market veteran Ali Martinez on the social media platform formerly known as Twitter, thanks to some nifty data from the on-chain intelligence resource, Santiment. Despite XRP’s recent price dips—down a sizable 16% since March 11th—these crypto behemoths are playing the long game. Let's dive into the nitty-gritty and see what’s cooking beneath the surface.

Market context

First, a bit about the recent turbulent journey of XRP. Things were looking up earlier this year when XRP rode the wave of a market upswing, shooting up a whopping 53% from its January low of $0.4853 to a yearly high of $0.7440 by March 11th. But, like all good thrillers, this story came with a twist—a push back from a major resistance point sent the prices spiraling down. This downtrend mirrored the broader market’s troubles, as Bitcoin and its fellow cryptos also took a nosedive.

However, while the prices slumped, our whale friends didn’t flinch. Instead, they smelled opportunity. Rather than panicking, they went on a buying binge, snapping up XRP tokens like kids in a candy store during a ‘buy one, get one free’ sale. Data reveal that these whale addresses—holding between 1 million to 10 million XRP—have been stacking up their portfolios since last month. The exact numbers? Over the past two weeks alone, they managed to nab 110 million XRP, valued at a hefty $55 million.

Whales accumulate 540M XRP

So, where do we stand now? According to Santiment’s data, these whale addresses now hold 3.72 billion XRP in total, which is about 6.7% of XRP’s circulating supply. Although there’s been a minor dip to 3.69 billion by the time of reporting, it's still a significant climb from the 3.61 billion balance logged on April 29th. That’s like if a whale suddenly decided it needed a bigger fish tank—impressive, isn’t it?

But wait, there's more! Whales holding even larger bags—between 10 million and 100 million XRP—have been jumping on the buying bandwagon too. These addresses have upped their balances from 6.16 billion XRP on April 5th to a noteworthy 6.59 billion today. That means, collectively, these two whale groups have snapped up a staggering 540 million XRP in just five weeks. Honestly, it's enough to make you wonder—do these whales ever sleep?

Bullish sentiments amid price struggles

Intriguingly, the number of wallets holding between 10 million to 100 million XRP has been increasing steadily since the beginning of this year. From just 189 wallets at the close of last year, this number has swelled to 247, meaning 58 new addresses have joined the party so far. It seems everyone wants a piece of the XRP action, despite the recent turbulence.

In the midst of this whale frenzy, XRP’s market performance has been less than stellar over the past 24 hours. Unlike its fellow cryptos, which have been enjoying a resurgence, XRP has been trading flat, hovering around the $0.5068 mark. However, analysts remain optimistic, betting on a potential rise to $0.65 as the weekend approaches. Moreover, according to data from Coinglass, investors are steadily pulling their tokens from exchanges, reducing the selling pressure—a good sign for those holding out for higher prices.

So, what do we take away from all this? Despite all the highs and lows, it appears that the big fish in the crypto sea are banking on a bullish future for XRP. Whether you’re new to the crypto scene or a seasoned trader, it's always mesmerizing to see how these whale-sized moves influence the broader market. Now, the only question left is: will these whales' gutsy gambit pay off? Stay tuned, crypto enthusiasts!

XRP accumulation details

So, let's dive into the deep end of the cryptocurrency ocean, shall we? Recently, XRP whales— that's what we call those folks with massive holdings—have been on a serious shopping spree. Over the past five weeks, they've scooped up a whopping 540 million XRP. To put that into perspective, that's worth about $270 million. Talk about rolling in digital dough! It's like they hit the jackpot in crypto Monopoly.

Whale activities

Alright, buckle up for a whale of a tale! These crypto giants, addresses holding between 1 million and 10 million XRP, kicked off this accumulation fest last month. According to Ali Martinez, a market expert who’s got his finger on the pulse of all things crypto, these whales have secured 110 million XRP in just the last two weeks alone. That's a cool $55 million! Imagine diving into that swimming pool of coins—it’s a treasure hunt gone digital.

Accumulation statistics

Let’s crunch some numbers, shall we? As it stands, whale addresses now hold a collective balance of 3.72 billion XRP. This represents about 6.7% of XRP's circulating supply. Sure, the total has dipped slightly to 3.69 billion, but hey, it’s still an impressive leap from the 3.61 billion they were sitting on in late April. And don’t think the big whales are hogging all the fun! Address holders with 10 million to 100 million XRP have also been on a shopping spree. They bulked up their balances from 6.16 billion on April 5 to a hefty 6.59 billion XRP over five weeks. Let’s just say, it’s a feeding frenzy out there.

Market reactions

Oh boy, if the market were a reality TV show, XRP would definitely have its fair share of drama. Despite the crypto whales having a field day out there, XRP has been somewhat of a reality show contestant struggling to impress the judges. Over the past 24 hours, XRP has been flatlining at around $0.5068. However, some optimistic folks—ever the hopeful romantics—are betting on prices soaring up to $0.65 by the weekend. Who doesn’t love a good plot twist?

Recent price movements

Before all this whale activity, XRP had its Cinderella moment earlier this year with a price spike, hopping up by 53% from a low of $0.4853 to a yearly high of $0.7440. But alas, no fairy tale is complete without a twist. The digital currency hit a wall at a major resistance point and took a tumble. Bitcoin and the rest of the market weren't exactly helpful roommates either, dragging things down further.

Future outlook

Looking ahead, the market’s a bit of a mixed bag. Some analysts are pinning their hopes on XRP bouncing back with a bang, especially as investors keep yanking their tokens from exchanges—less selling pressure might be a good sign. However, the crypto seas are known for their unpredictability, folks. Who knows, maybe there’s a pot of XRP gold waiting just around the corner. Or perhaps another sea monster? Only time will tell. For now, we’ll keep our eyes peeled on those whale splashes.

XRP whales accumulate 540M XRP worth $270M in 5 weeks

Whale addresses are on an accumulation spree, having procured 540 million XRP worth over $270 million in the past five weeks. Market veteran Ali Martinez called the public’s attention to this sustained accumulation pattern in a recent post on X, citing data sourced by on-chain intelligence resource Santiment. The buying spree comes up amid the ongoing market turbulence, which has seen XRP drop 16% since March 11.

For context, XRP capitalized on the market uptrend earlier this year to record an impressive price run. This rally allowed it to surge 53% from the low of $0.4853 on Jan. 31 to a yearly high of $0.7440 on March 11. However, this coincided with a push to a major resistance point, eventually leading to a price crash. This crash was exacerbated by the market-wide turbulence, as Bitcoin (BTC) and the rest of the market witnessed price declines. However, as XRP saw its price dip to lower levels, market participants took to accumulating more tokens in an apparent buy-the-dip pattern.

As disclosed by Martinez, data from Santiment confirms that whale addresses holding between 1 million and 10 million XRP have been augmenting their balances since last month. Per the data, this cohort of addresses have procured 110 million XRP valued at $55 million over the last two weeks. #Ripple whales have bought over 110 million $XRP in the past two weeks, totaling around $55 million! Due to this purchase spree, the cumulative balance of these whale addresses surged to 3.72 billion XRP, representing 6.7% of XRP’s circulating supply. Although this balance has dropped to 3.69 billion at the reporting time, it still represents an impressive uptick from the 3.61 billion figure recorded on April 29.

Further data confirms that whales holding between 10 million and 100 million XRP have also continued to add to their balances. These addresses held 6.16 billion as of April 5 but have now increased their balance to 6.59 billion XRP, indicating that they have procured 430 million XRP in five weeks. This totals 540 million XRP from both cohorts of addresses in the past five weeks. Moreover, wallets holding 10 million to 100 million XRP have continued to increase in number since January. At the end of last year, these wallets amounted to 189. Nonetheless, they have increased to the current figure of 247, suggesting an addition of 58 new addresses this year.

Meanwhile, XRP has underperformed over the past 24 hours despite Bitcoin and the rest of the market recording a resurgence. XRP is trading flat in the last 24 hours, changing hands at $0.5068, with analysts expecting it to reach $0.65 this weekend. Coinglass data shows investors have continued to pull out their tokens from exchanges, reducing selling pressure.