Ripple whales’ decision to heavily accumulate the token amid a market dip has nabbed significant investor attention globally. On-chain data spotlighted by a top crypto analyst on Wednesday revealed that whales accumulated over 100 million XRP via exchanges as the market witnessed a crash recently. As a response, market sentiments of further gains looming for the crypto prevail in light of the phenomenal buying.
Ripple Whales Bag 100M XRP Amid Market Dip Sparking Optimism
According to an X post by top crypto analyst Ali Martinez, as of December 11, Ripple Whales acquired over 100 million tokens as the market crashed. This remarkable buying has paved a bullish path for the crypto, underlining increased market interest.
For context, the whales’ action mirrored a buy-the-dip sentiment as the crypto market crashed recently. CoinGape Media reported that altcoins bore the brunt of heightened crypto liquidations, worth over $1.76 billion liquidated. The increased liquidations resulted in a market crash, aligning with the recent buy-the-dip action illustrated by whales.
Besides, another on-chain metric has sparked contrasting market sentiments over the crypto’s future movements. Over the past 30 days, whales have moved more than 2.66 billion XRP to Binance, raising concerns as the exchange supply increases. Altogether, the buying and dump to exchanges birthed uncertainty, emerging as notable XRP news in the market.
What’s Next For The Coin?
XRP price today gained 6% intraday and is currently sitting at $2.369. Its 24-hour low and high were $1.912 and $2.411, respectively. Notably, the coin appears to be recovering against the backdrop of heightened buying after slipping back to the $1 level recently.
Simultaneously, a recent XRP price analysis by CoinGape Media pointed out a bullish market technical that indicates remarkable gains imminent. The Ripple-backed coin broke out of a bullish pennant or bull flag pattern that spanned over eight years, signaling the potential for a massive upward move.
Additionally, Ripple Labs gained NYDFS approval for RLUSD stablecoin, adding a layer of optimism to the American blockchain firm’s crypto endeavors. Market watchers continue to eye the token for further price shifts amid Ripple whale movements and ecosystem developments.
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