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Leading cryptocurrency Bitcoin (BTC) is struggling to hold above $30,000, causing a significant impact on altcoins. Over the past week, XRP has suffered a 3.5% decrease, distancing itself from the $0.48 resistance and falling to $0.46. This is happening while every altcoin in the top 10 seems to be painted in red. However, during this dip, the movements of whales, particularly for XRP, seem noteworthy. Despite experiencing a dip in the last 24 hours, the activities of whales suggest XRP could be gearing up for an active week.
Whales Buying XRP
Renowned cryptocurrency analyst Ali, citing Santiment data, pointed out the activity of whales in the XRP market. Apparently, Ripple whales have purchased approximately 1.10 billion XRP, worth $570 million, since last February. Earlier data revealed that whales purchased 360 million XRP until June, and this was immediately followed by a 12% price dip. This implies that whales increase their purchases as the price falls.
Increased Activity on the XRP Network
Although it’s not known at what price the XRP whales are targeting, the price has been dropping since February, and the whales are increasing their purchases as the price drops. Messari also drew attention to the purchases of XRP whales during the second quarter, emphasizing it as extraordinary activity. The XRP network is experiencing significant activity recently, and as of May 28, 2023, 523,000 addresses carried out at least one transaction. This is 11 times more than the average of the second quarter, and all signals point to substantial activity for XRP. The quiet purchasing by whales and the increase in the amount of purchases as the XRP price drops are among the key signals.
Despite this, the XRP price has not been able to surpass the $0.48 resistance, and expectations for the $0.48 level continue. Another development exciting XRP investors is known as the Ripple and SEC lawsuit. The lawsuit opened by the SEC is expected to conclude soon, which could trigger immense activity for the XRP price.
