Nairobi (CoinChapter.com)— Ripple whales are back in the game, snapping up 50 million XRP worth $26.5 million over the last three days. While the rest of the market seems hesitant, these deep-pocketed investors are making bold moves, even as XRP’s price battles resistance.
XRP Struggles at Key Resistance Amid Whale Accumulation
Data from Santiment reveals an uptick in whale addresses holding between 1 and 10 million XRP, jumping from 1,606 to 1,614. This buying spree comes despite XRP struggling to break past its 50-day and 200-day moving averages, which are sitting at $0.56 and $0.54, respectively.
In a recent post on X, analyst Martinez shared additional data from Santiment, highlighting that whales in this group had acquired 40 million XRP over the past 48 hours, amounting to $22 million. This marked the first notable inflow into these wallets since the start of the month.
The holdings of these whale wallets have been on a steep decline since the beginning of Oct. On Oct. 1, these addresses held approximately 3.93 billion XRP, but by Oct. 8, that number had dropped by 130 million to a three-month low of 3.8 billion XRP. However, recent whale activity has pushed their collective
holdings back up to 3.85 billion XRP within the last 24 hours, signaling renewed interest among large investors.
The price briefly hit $0.53 but couldn’t maintain momentum, leaving traders wondering what’s next. The Relative Strength Index (RSI) is now 42, inching closer to the oversold zone. If things keep trending down, XRP could see even lower prices.
Large Transactions Fuel Exchange Activity
While whales accumulate, a contrasting trend shows increasing XRP moving into exchanges. Whale Alert data revealed multiple large transactions in the past 24 hours, including transferring 104 million XRP tokens worth $55 million between unknown wallets.
Another notable transaction saw 52 million XRP worth $27.8 million move from a private wallet to the Bybit exchange, followed by 30 million XRP transferred out of Bybit into another private wallet.
These movements indicate heightened whale activity, though more XRP continues to flow into exchanges, suggesting selling pressure among smaller traders. Data from CryptoQuant confirmed that inflows to exchanges have nearly doubled outflows, reflecting growing concerns among traders despite whale accumulation.
Meanwhile, Over 12,000 people have signed a Change.org petition calling for the SEC to drop its appeal against Ripple, but the legal wrangling continues to cast a shadow over XRP.
Ripple whales’ recent moves indicate mixed market sentiment, with large investors betting on long-term gains while smaller traders remain cautious amidst increased selling pressure.
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