During the most recent market crash, Ripple Whales acquired over 100 million coins, a positive development for its native cryptocurrency, XRP.
The decision of Ripple Whales to accumulate the token in large quantities during a market downturn has garnered substantial investor interest on a global scale. On Wednesday, a prominent crypto analyst highlighted on-chain data indicating whales had accumulated over 100 million XRP through exchanges during the recent market crash. In response, the market sentiments of further gains for the crypto prevail in light of the phenomenal buying.
Ripple Whales Bag 100M XRP Amid a market decline, optimism is incited
Ripple Whales acquired more than 100 million tokens as the market crashed, according to an X post by renowned crypto analyst Ali Martinez, as of December 11. This extraordinary purchase has established a bullish trajectory for the cryptocurrency, emphasizing the growing market interest.
The whales’ behavior indicated a buy-the-dip sentiment in light of the recent crypto market crash. According to CoinGape Media, altcoins were the most affected by the increased number of crypto liquidations, with over $1.76 billion liquidated. The market crashed due to the increased liquidations, consistent with the recent buy-the-dip strategy demonstrated by Whales.
Additionally, the market has expressed conflicting opinions regarding the cryptocurrency’s future trajectory due to using an additional on-chain metric. Concerns have been raised as the exchange supply increases, as whales have transferred over 2.66 billion XRP to Binance in the past 30 days. The buying and dump to exchanges that resulted in uncertainty emerged as significant XRP news in the market.
What is the future of the coin?
Today, the price of XRP increased by 6% intraday and is currently at $2.369. The 24-hour low and high were $1.912 and $2.411, respectively. It is important to note that the coin is recovering in the face of increased buying activity following its recent reversion to the $1 level.
Concurrently, CoinGape Media’s most recent XRP price analysis identified a bullish market technical that suggests substantial gains are on the horizon. Over eight years, the Ripple-backed coin emerged from a bullish pennant or bull flag pattern, indicating the possibility of a significant upward movement.
Furthermore, Ripple Labs received approval from the New York Department of Financial Services (NYDFS) for its RLUSD stablecoin, which has infused the American blockchain company’s crypto initiatives with optimism. Market observers monitor the token for potential price fluctuations in the context of Ripple whale movements and ecosystem developments.
