XRP whales are at it again, and this time, their actions seem to be signaling a bullish sentiment towards the XRP token as they have once again accumulated large sums of the crypto token. This is significant as their latest buys could see XRP move to the upside on the charts.
XRP Whales Buy Over $220 Million Worth Of XRP
In a post on his X (formerly Twitter) platform, crypto analyst Ali Martinez revealed that XRP whales had recently bought around 360 million XRP, amounting to about $223 million. Such development is usually positive as it signifies that these investors are doubling down on their XRP holdings in anticipation of a price surge.
XRP has had a pretty tepid price movement in comparison with other major altcoins, which have seen more action in the market. With this in mind, it is believed that a significant rally for XRP is long overdue and could come anytime soon. That could explain why these XRP whales are positioning themselves ahead of this.
Other investors and traders are also making a similar move ahead of this potential price surge. One of them even happens to be XRP critic Cousin Crypto, who, despite his aversion towards the crypto token, is also looking to make some profits from XRP. He recently mentioned that XRP has been too quiet and should pump soon.
Token price trending at $0.62 | Source: XRPUSD on Tradingview.com
More Demand For XRP?
Aside from the XRP whales, retail investors also look to be accumulating as much XRP as they can based on some recent transactions. On-chain data shows that 24.8 million XRP was recently transferred to the crypto exchange Bitso and another 23.8 million XRP transferred to the crypto exchange Bitstamp.
Such an occurrence is usually a bad sign as it could be an XRP whale looking to offload some of their holdings, especially since both transactions occurred from the same wallet address. However, a closer look at transactions made by these exchange wallets shows outflows to other exchanges that may be looking to meet the increased demand for XRP on their platforms.
XRP could rise to as high as $1 the next time it experiences a massive run. Early Bitcoin and crypto analyst Davinci Jeremie recently predicted that XRP will hit $1.33 “pretty soon.” The last time XRP came close to hitting $1 was on the back of Judge Analisa Torres’ ruling that the crypto token wasn’t a security in itself.
At the time of writing, XRP is trading at around $0.62, down over 1% in the last 24 hours, according to data from CoinMarketCap.
