An epic crazy new stat dropped regarding popular cryptocurrency XRP as, according to prominent crypto analyst Ali Martinez, major players have recently unleashed an epic shopping spree worth hundreds of millions of dollars.
Specifically, Martinez revealed that, over the past 10 days, whales, as large investors are known in financial circles, have bought over 380 million XRP, which is worth approximately $228 million at current prices.
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As can be seen on a chart attached by the analyst to the post, to the current moment, the amount of tokens accumulated by whales holding from 10 million to 100 million XRP commands a figure of 7.11 billion XRP, or about $4.25 billion in money terms.
For comparison, this volume is equivalent to 12.59% of the circulating supply of the token.
#Ripple whales bought over 380 million $XRP in the past 10 days, worth around $228 million! pic.twitter.com/Fs9ayiHITA
— Ali (@ali_charts) September 19, 2024Why?
Such a significant increase in whale buying activity may indicate the growing confidence of large investors in the future prospects of the popular cryptocurrency.
As it stands, XRP remains one of the few digital assets with a clear regulatory status that was won in the SEC v. Ripple court battle. Such clarity, on a par with growing adoption, achieved in most cases thanks to the developing network of partnerships concluded by Ripple, provides XRP with the necessary fundamentals.
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As for the technicals, or the token's price performance, there are also several positive signs to consider. One of them is a developing inverted head and shoulders pattern that could take the price of XRP to $1 if or when the neckline around $0.65 is broken.
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