XRP Whales on Buying Spree – Could It Spark a Price Rally?

The post XRP Whales on Buying Spree – Could It Spark a Price Rally? appeared first on Coinpedia Fintech News

XRP, one of the top cryptocurrencies, has shown remarkable resilience in the face of the recent market downturn, maintaining its position around $0.47. However, the bulls are not content with this, and are aiming to propel XRP beyond $0.50 and closer to the coveted $1 mark. Unfortunately, profit bookings and sell-offs by bears have hindered these efforts. 

However, a ray of hope emerges as whales have embarked on an aggressive accumulation spree, which may just be the game-changer the XRP price needs to surge ahead.

Whales On An XRP Buying Spree

On-chain analytics firm Santiment has revealed that wallet addresses holding between 1 million and 10 million XRP has been accumulating the cryptocurrency since April 19th, when the price dipped from $0.52. 

This buying spree has helped to keep the token’s price steady over the past week. These wallets now hold a combined total of 3.9 billion tokens, valued at an impressive $1.78 billion. This marks their largest cumulative purchase in over a month.

Also Read: Ripple CTO Reveals SHOCKING Truth About XRP’s $3.84 All-Time High – Coinpedia Fintech News

Santiment’s data also shows that shark addresses, which hold between 1,000 and 100,000 XRP, have joined the accumulation trend. Currently, these addresses hold approximately 6.38 billion tokens, worth around $2.9 million.

Market Activity: XRP Gains Traction

XRP’s price has risen by 4% in the past 24 hours to $0.47, with trading volume reaching $1,163,366,918. This represents a 1% increase from the previous day, indicating a recent uptick in market activity. With a market capitalization of $24,301,001,546, XRP currently ranks #6 on CoinGecko.

Moreover, CoinGecko’s market sentiment data reveals that over 79% of users feel positive about XRP’s prospects. However, the ongoing SEC vs. Ripple lawsuit has created tension and speculation among XRP holders.

Expert Advice: Don’t Sell XRP Before the Lawsuit Endsz

As the pressure mounts, Edoardo Farina, CEO of Alpha Lions Academy and head of Social Adoption at XRP Healthcare, has advised against selling XRP before the lawsuit concludes. In a recent tweet, Farina warned that selling the token before the legal battle ends would be a grave mistake. Many XRP proponents believe the token’s price could surge if Ripple emerges victorious in the lawsuit.