Ripple whales have bought 520 million coins amid a recent decline, suggesting that a potential recovery is imminent.
The Ripple whales’ substantial purchases have dominated the recent XRP news column. The most recent data shows that the whales have acquired over 500 million tokens during the recent price decline. This suggests that there is a persistent bullish momentum in the market. Ripple’s native crypto has experienced a substantial inflow since the beginning of the week despite the persistently bleak trading environment, according to distinct data.
XRP News: Ripple Whales Accumulate 520M Coins
In the most recent XRP news, Ripple whales captured the public’s attention through their most recent actions. It is important to note that large investors or whales are actively placing their wagers on the coin in the face of the recent price decline, which suggests that traders have regained confidence.
Ali Martinez, a distinguished crypto market analyst, has recently emphasized the trend of whale purchasing. According to Martinez, “whales capitalized on the recent decline,” amassing 520 million coins. If this trend persists, it could contribute to a robust recovery for the coin.
XRP Maintains Fund Flow Throughout the Week
James Butterfill, the Head of Research at CoinShares, recently disclosed the weekly flow data for the most prominent cryptocurrencies. XRP also remained among the top coins to register an influx despite the ongoing dip and the strong inflow into Ethereum that he highlighted.
The data indicated that Bitcoin and Ethereum experienced an inflow of $240 million and $740.6 million through February 6, despite the persistent volatility. In contrast, Ripple’s native crypto experienced an $11.2 million inflow, which exceeded Solana’s $3 million inflow. Ripple’s native crypto experienced an inflow of $116 million year-to-date, in contrast to SOL’s $29 million influx. This is particularly noteworthy.
What is the future of Ripple’s native cryptocurrency?
Today, the price of XRP continued to decline, with a 1/5% decrease to $2.41, while its trading volume increased by 8% to $7.96 billion. Nevertheless, the coin’s Relative Strength Index (RSI) remained at 32, suggesting that the cryptocurrency is oversold. In other words, the RSI indicates that the cryptocurrency may be poised for a breakout.
Additionally, recent market optimism has been further bolstered by additional favorable XRP news. To provide context, CBOE recently submitted 19b-4 filings to the US SEC to establish an ETF for Ripple’s native crypto. It is important to note that the filing was submitted on behalf of Canary Capital, WisdomTree, Bitwise, and 21 Shares.
Furthermore, a counsel has recently disclosed a potential timeline for the US SEC to begin dismissing the crypto cases. This has also prompted speculation regarding a potential dismissal or settlement in the Ripple Vs SEC case in 2025, which could further increase the asset’s price in the future.
