In the world of cryptocurrency, the actions of large investors, commonly known as whales, can provide valuable insights into market sentiment.
Recent data has revealed a notable trend in the XRP market, with whales actively accumulating millions of tokens over a short period, particularly in the last three weeks.
This surge in whale activity has captured the attention of crypto enthusiasts and sparked intrigue and speculation, indicating a strong bullish sentiment toward Ripple’s remittance token, XRP.
Renowned crypto analyst Ali shared data on Twitter, highlighting the significant moves made by whales in the XRP market.
Using behavior analytics resource Santiment’s data, Ali pointed out the noteworthy accumulation of XRP by whales, suggesting their confidence in the token’s future prospects.
In just three weeks, these prominent investors have acquired 52 million XRP, with an estimated value exceeding $22 million.
It is worth noting that the accumulation trend has been primarily observed among XRP whales, specifically addresses holding 10 million to 100 million XRP. This period of intense accumulation began on May 7, following a significant selloff pressure experienced on April 12.
During the selloff phase, Ripple’s token went through a consolidation period due to temporary exhaustion of the rally. However, the selloff eventually subsided, paving the way for the current accumulation trend witnessed among whales.