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XRP Price Struggles Continue as Whales Buy 58 Million Coins

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XRP Price Struggles Continue as Whales Buy 58 Million Coins

The XRP price continues to struggle without notable gains, yet crypto whales persist in their buying spree. Two major transactions reveal investor sentiment around XRP during the recent market slump.

Significant Whale Purchases

Earlier today, a whale bought approximately 28.77 million XRP tokens, equivalent to almost $13.77 million, as reported by Whale Alert. This whale transferred the coins from the crypto exchange Binance to their own wallet. A few hours later, another whale purchased nearly 29.29 million coins, worth around $13.91 million, also from Binance, but to a different wallet address. Together, these transactions amount to nearly 58 million XRP coins acquired within the last 24 hours.

Related article: XRP Trading Volume Soars by 170% Amid Market Turmoil

Despite these large purchases, XRP’s price continues to struggle. According to CoinMarketCap, XRP is trading at $0.4758, with a slight dip of 0.12% over the last 24 hours and an 11.16% drop over the past month. These figures highlight the bearish sentiment surrounding the coin. However, the rising whale accumulation might help break this trend, potentially injecting momentum into the market.

Potential for Long-Term Positive Movement

Whales, known for holding significant quantities of various cryptocurrencies, can influence market trends through their buying and selling activities. In the case of XRP, the recent accumulation by these two whales is a positive sign. Although immediate upward movement may not occur, this activity suggests a potential long-term bullish outlook for XRP.

Related article: XRP AMM Pools Hit 10 Million XRP Mark, Reflecting DeFi Growth

While XRP continues to struggle in terms of trading price, the substantial whale purchases indicate bullish sentiment. This could eventually lead to positive price movement, albeit potentially over a longer timeframe. 

Thus, despite the current bearish market conditions, the actions of these whales could signify a shift towards a more positive future for XRP.

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