Bullish Signal: XRP Whales Go On $155 Million Buying Spree

XRP whales are becoming more active once more as the crypto market picks back up. They seem to have taken advantage of the small decline in prices to load up their bags over the last month, leading to a significant uptick in the number of tokens they hold on their balances.

XRP Whales Buy $155 Million Worth Of Tokens

In a post shared by crypto analyst @ali_charts on Twitter, XRP whales were revealed to have been stocking up their bags. The whales of concern here are the whales holding between 10 million to 100 million XRP on their balances.

The post showed that not only were they a lot of buying among these whales, but there were new entrants into this 10-100 million holder cohort. Around 50 new whales holding at least 50 million XRP on their balance were created in the last month. While on a broader scale, this cohort added a whopping 420 million XRP to their holdings in just one month.

Over the past month, ~50 whales holding 10 million to 100 million $XRP have joined the #Ripple network.

These large investors have purchased around 420 million #XRP, worth $155.4 million, shows data from @santimentfeed. pic.twitter.com/6L3gBwbdiW

— Ali (@ali_charts) March 19, 2023

The accumulation began toward the end of February when the price of XRP declined to the $0.34 level. This obviously gave the whales an entry into the asset, causing their combined holdings to grow 6% from 3.79 billion to 4.03 billion XRP.

There Could Be More Bullish Movements To Come

On Sunday, the price of Bitcoin rocketed past $28,000 for the first time in almost six months. This upward trend was welcome but the altcoins have not exactly followed the same trend.  They continue to lag behind Bitcoin with much fewer gains in the same time period.

XRP is one of the altcoins that have not made much of a move during this time, up 4.25% in the last week compared to Bitcoin’s 25.60%. This outperformance by the leading coin, for now, suggests that an ‘altcoin summer’ is not far behind, which is when the rest of the market is expected to catch up to Bitcoin.

Also, the fact that XRP whales are buying these tokens suggests that they expect some kind of improvement in price. If an altcoin like XRP were to follow the growth pattern of BTC, it would put its price at a $0.5 minimum given the generally improved investor sentiment toward the crypto market.

At the time of writing, data from the on-chain aggregator Coinmarketcap shows that XRP is trading at a price of $0.3851, up only 1.17% in the last day.