Ripple whales have made waves again by accumulating nearly 1 billion XRP tokens. This massive buying activity comes after the cryptocurrency experienced strong gains. However, the rally appears to have slowed, with XRP’s price now retreating.
Market analyst Ali Martinez highlighted this trend, noting the growing interest from large investors. Just last month, he reported that whales had accumulated 150 million XRP within 48 hours, signaling strong confidence in the asset.Â
XRP’s Price Actions
Despite the buying spree, XRP’s price action suggests that broader market conditions are influencing investor sentiment.
As of now, XRP is trading at $2.35, marking an 11.56% decline in the last 24 hours. The overall market cap stands at $136.27 billion, while the 24-hour trading volume has dropped by over 42%.
This suggests reduced activity as traders possibly shift their focus to other assets or await further price stability.
XRP’s selloff coincides with a wider market downturn. More than $1 billion in crypto assets have been liquidated in the past day. This reflects growing uncertainty among investors despite bullish moves from major XRP holders.
Trump’s Crypto Reserve Plan Sparks Interest
The whale accumulation follows a major announcement by former U.S. President Donald Trump. He revealed plans for a strategic crypto reserve for the country.
The reserve would include Bitcoin, Ethereum, XRP, Solana’s SOL, and Cardano’s ADA. This news initially sparked optimism, but market conditions have since shifted, leading to price corrections.
Despite the broader selloff, Trump’s plan signals a significant shift in the mainstream adoption of cryptocurrencies. XRP’s inclusion in the reserve is a major development that could strengthen its long-term position.
Also Read: Ripple Vs SEC: Lawsuit Settlement Speculation Grows Amid SEC’s Changing Stance While XRP Drops 9%
Rising Selling Pressure on Exchanges
While whales have been buying, some large XRP holders appear to be cashing out. CryptoQuant founder Ki-Young Ju pointed out that XRP addresses have been showing increased selling activity between the $2 and $3 price range.
Additionally, XRP exchange reserves on Binance surged from 2.72 billion to 2.90 billion tokens.
A rise in exchange reserves often signals higher selling pressure, which could explain the recent price dip. Traders are likely taking profits after XRP’s recent surge.
Support from Cardano’s Founder
In an unexpected move, Cardano founder Charles Hoskinson shared positive views on XRP. This comes after past tensions between the Cardano and XRP communities. While he didn’t go into detail, his remarks suggest a changing attitude toward Ripple’s cryptocurrency.
Despite the current dip, XRP remains a strong player in the crypto market. Whales are still accumulating, and the token’s inclusion in Trump’s proposed crypto reserve adds to its credibility. However, selling pressure and broader market trends will likely determine its short-term movements.
As the crypto space evolves, XRP investors will closely watch for regulatory updates, institutional adoption, and overall market trends. Whether the recent whale activity signals a long-term bullish trend or a temporary reaction remains to be seen.
Also Read: Crypto Analyst Predicts $15 Target For $XRP As It Breaks Out of Symmetrical Triangle Pattern