Cryptocurrency enthusiasts have been on quite the rollercoaster with XRP lately. Just a few weeks back, it was soaring high at $0.6413, only to nosedive to a yearly low of $0.4336 shortly after—a staggering 32% drop in less than three weeks. But amidst this turbulence, something interesting unfolded for the big players—the whales.
As XRP took a dip, the whales—those hefty holders with between 10 to 100 million XRP—saw an opportunity. Analyst Ali Martinez revealed that these crypto titans gobbled up over 31 million XRP in just one week, totaling a hefty $16 million.
But what does this buying spree mean for XRP’s future?
While XRP staged a modest recovery last week, hovering around $0.5, there was a flurry of activity as over 452 million XRP, valued at over $232 million, made its way to exchanges like Bitvavo, Bithumb, and Bitstamp from undisclosed wallets. This sizable movement has stirred speculation of an impending sell-off, despite XRP’s bounce-back from its recent low.
Whale Activities
Even amidst the ongoing legal saga with the SEC, whales have been making waves, transferring a whopping 70 million XRP. Some opted to buy more XRP, while others chose to offload their holdings, further clouding the coin’s future trajectory. Nonetheless, amidst the uncertainty, some experts remain optimistic about XRP’s potential, with predictions of it reaching $1.
Read more: XRP Whale Transfers 129M XRP Amid Ripple Vs SEC Lawsuit Speculations
In the face of adversity, big XRP holders are doubling down on their investments. Recent studies indicate that when XRP prices tumble, these holders tend to increase their stakes. Data from Santiment corroborates this, revealing a steady rise in wallets holding at least one million XRP, reaching a near-record high of 2,013. This surge in buying activity is attributed to XRP’s unique status as the only digital asset in the U.S. with clear regulatory guidelines.
Meanwhile, developments within the XRPL ecosystem are adding fuel to the XRP fire. Automated market makers (AMMs) on XRPL have locked up an impressive 7 million XRP in just one month, with 3.7 million XRP currently under lock and key. Notably, the SOLO/XRP pool has seen a surge in activity, with 1.5 million XRP added in a mere week, boasting an enticing 2.54% APY.
Ripple’s plans to introduce a lending system and its own stablecoin on XRPL in the near future only add to the anticipation surrounding XRP’s future prospects.
Read more: Ripple Price Prediction: XRP’s Path to a $33 Billion Market Surge by 2025
With regulatory clarity and growing adoption, could XRP finally reach its full potential? The future remains unwritten.
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