Renowned crypto analyst Ali Martinez has revealed that XRP whales have been buying millions of tokens during the recent market dip. This suggests that these influential players believe in the long-term potential of XRP and are accumulating tokens at a discounted price.
The market dip began on June 22, when XRP’s price fell from $0.32 to $0.27. However, despite the decline, XRP whales continued to buy tokens, accumulating a total of 360 million XRP, worth an impressive $170 million.
This suggests that these whales are confident that XRP’s price will recover in the near future. Their actions could also be seen as a vote of confidence in Ripple, the company that created XRP.
Ripple is a leading blockchain company that is focused on cross-border payments. The company has partnered with a number of financial institutions, including MoneyGram and Western Union.
Ripple is also involved in a legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC has accused Ripple of selling XRP as an unregistered security. However, Ripple has argued that XRP is not a security and that it is a utility token.
The outcome of the SEC case could have a significant impact on the future of XRP. If Ripple is successful, it could pave the way for wider adoption of XRP as a payment method.
The recent buying activity by XRP whales is a positive sign for the future of the token. It suggests that there is strong demand for XRP, even during periods of market volatility.