While XRP has been lagging behind in the recent altcoin rally, there are observations that massive accumulation by 'whales (large holders)' could signal a price rebound.
Cryptocurrency analyst Ali Martinez reported on Twitter that XRP whales have purchased 320 million XRP over the past 3 days. This amounts to approximately $1 billion at current market rates. Analysis suggests that such massive buying could have multifaceted positive effects on XRP's price. This is because it not only alleviates short-term selling pressure but also provides psychological incentives, as retail investors tend to follow whale behavior.
XRP whales had also engaged in large-scale accumulation in mid-July, which led to a rally that surpassed XRP's all-time high of $3.60. However, they soon realized profits, causing XRP to drop below $2.80.
This whale buying is not limited to XRP. Doge and ADA whales have also been aggressively purchasing over the past week, creating price surges. Doge jumped 25% from $0.20 to $0.25 with over 1 billion daily purchases, while ADA recorded a multi-month high, crossing $1 after accumulating over 200 million tokens.
Despite this atmosphere, XRP still hasn't caught up with the upward trend of major cryptocurrencies like BTC and ETH. Bitcoin has set a new all-time high of $124,000, while Ethereum is on the verge of recovering its 2021 peak.
The market is focused on whether XRP can achieve a price reversal with this 'heavy punch' from whales. While whale accumulation doesn't always guarantee an upward market, past cases suggest this movement could potentially create a medium to long-term turning point.
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