Whales gather XRP, get 52M tokens in 3 weeks – here’s why

The activities of large investors, known as whales, can provide insights into the market sentiment of a particular digital asset. Recent data has shown that XRP whales have been actively accumulating millions of tokens over a short period, particularly in the past three weeks, which suggests a strong bullish sentiment towards Ripple’s remittance token. According to data shared by renowned crypto analyst Ali on Twitter, whales are making significant moves in the XRP market. Over the past three weeks alone, these investors have acquired 52 million XRP with an estimated value of over $22 million. The accumulation trend has been primarily observed among XRP whales, specifically addresses holding 10 million to 100 million XRP. This period of intense accumulation began on May 7, following a notable selloff pressure that occurred on April 12. The sudden surge in XRP accumulation by whales has raised questions about what factors could be driving this bullish sentiment. One significant factor could be the anticipation of positive developments within the Ripple ecosystem, such as new partnerships or advancements in the adoption of Ripple’s token for cross-border transactions. Additionally, the recent regulatory clarity surrounding Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC) may have also contributed to the increased confidence among whales. As Ripple continues to make progress in the legal proceedings, the resolution of the case could potentially remove a major overhang on XRP’s market sentiment, paving the way for renewed optimism and investment. Meanwhile, following the accumulation of whales, XRP has shown an upcoming uptick. Over the past 24 hours, Ripple’s token has seen a 1% gain and currently trades at $0.47. The featured image is from Unsplash, and the chart is from TradingView.

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