XRP Declines 8%, But Whales Scoop Up 71 Million Tokens

On-chain data shows the XRP whales have gone on a 71 million coin buying spree over the past week even as the asset’s price has dropped.

XRP Whales Have Increased Holdings Recently

In a new post on X, analyst Ali Martinez has talked about the latest trend in the supply held by whales on the XRP network. “Whales” refer to the entities holding a considerable amount of the asset in their wallet balance.

These investors can carry some degree of influence in the market thanks to their large holdings, so their behavior can often be worth keeping an eye on. The moves made by the whales may not always directly impact the asset, but they can still be revealing about the sentiment present among them.

There are many ways to track the behavior of the whales, with one such being through their holdings. Below is the chart shared by Martinez that shows the trend in the supply of the large XRP holders.

Looks like the value of the metric has been climbing in recent days | Source: @alicharts on X

As is visible in the graph, the XRP whales have expanded their holdings recently. More specifically, these humongous investors have added more than 71 million tokens of the cryptocurrency (worth around $97.8 million right now) to their supply over the past week.

This accumulation spree from the whales has interestingly arrived while the asset’s price has gone down by over 8% within the same window. Considering this timing, it’s possible that the big-money hands are looking at the dip as a lucrative opportunity to buy more of XRP. It only remains to be seen, though, whether this bet from the whales will pay off.

In some other news, XRP may be gearing up for a volatile move, as the analyst has highlighted in another X post. The indicator cited by Martinez is the Bollinger Bands, a tool that’s generally used for measuring the of an asset.