XRP Whales Went On A Buying Spree Since February, Data Reveals

The crypto market has been painted with high volatility in the past few months, with asset prices reaching new highs and lows within short intervals. Amid the high volatility, bullish investors were constantly buying the deep, with XRP whales accumulating massive holdings leveraging low asset prices.

XRP is among the accepts that witnessed this. On-chain data shows that large investors accumulated billions of XRP tokens since February. In a July 8 tweet, well-known crypto analyst Ali Martinez shared the data, calling public attention to the trend.

#Ripple whales have purchased over 1.10 billion $XRP since late February, worth around $570 million! pic.twitter.com/Mx24jXOJ2Q

- Ali (@ali_charts) July 8, 2023

Investors Buy the Deep ss XRP Price Continues to Stall Below $0.5

Ali's tweet revealed that XRP whales purchased XRP tokens worth $570 million since late February. Ali cited Santiment's data, showing that these whales accumulated over 1.1 billion XRP tokens. Notably, these whales took advantage of the asset's price drop to a one-year low in February to increase their portfolio.

Before the deep-pocketed investors went on the buying spree, their collective address balances had reduced to a low of 3.61 billion Ripple on February 17. These whales' addresses balance went that low only in February 2022 when the Ripple price consolidated between $0.6 and $0.9.

Source: Santiment

However, the whales continued accumulating more tokens leveraging the low prices as XRP's value dwindled. But from November 2022, the whales when on a selloff which continued till February 2023, leading to the one-year low of 3.61 billion XRP recorded on February 17.

After that, they embarked on another buying spree, sustained through consecutive tides of market highs and lows. This trend led to the amassing 1.10 billion Ripple in their balances in less than five months. Given this trend, the whales' collective address balance now stands at 4.71 billion XRP.

This accumulation increased in late March due to increased market sentiment as investors anticipated the Ripple VS. SEC lawsuit's summary judgment. The community's anticipation of the summary judgment contributed to XRP's price rally in March.

Meanwhile, aside from the large XRP investors, smaller addresses holding fewer XRP tokes joined in the buying spree. According to Santiment's data, wallet addresses holding 10,000 to 1 million Ripple collectively swooped 750 million XRP tokens since mid-January.

Whale Accumulation Continues As XRP Struggles to Break the $0.5 Resistance

Moreover, the recent improved sentiment due to Bitcoin spot ETF buzz contributed to sustaining the whale accumulation. In mid-June, BlackRock, Invesco, and WisdomTree, among others, filed applications for spot Bitcoin ETFs with the US Securities and Exchanges Commission.

The ETF hype caused most cryptocurrencies, including Ripple, to witness increased investor interest as the broader crypto market cap rose. In addition, XRP's price saw a brief uptick during this period.

Despite the increased buying strength, XRP's price stalled in June, consolidating between $0.48 and $0.5 and often falling below $0.48 at intervals. The stagnant price movement followed Ripple into July as the token fought to defend the $0.47 benchmark and conquer the $0.5 price level over the past seven days.

As of the time of writing, XRP price changes hands at $0.467, with a 24-hour price decline of 0.5%.

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