- Ripple whales have amassed over $228M in XRP over the last 10 days.
- Institutional interest, like Grayscale’s XRP Trust, adds to market optimism as whale XRP holdings reach near all-time highs.
In the last ten days, Ripple whales have aggressively accumulated about 380 million XRP coins, totaling approximately $228 million. This surge in significant purchases follows a price drop to $0.505, which appears to have prompted these powerful investors—who normally own between 10 million and 100 million XRP—to increase their stakes.
#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, 2024
Whale Holdings Surge Over 7.17 Billion XRP, Signaling Market Optimism
The whales total XRP holdings rose from less than 6.78 billion tokens to more than 7.17 billion. The whale activity correlates with a recent price spike, with XRP rising from $0.5059 to $0.5986 in just one week, representing an 18% gain.
As of writing, XRP is trading at $0.5813, down 1.02% over the last 24 hours. Despite the short-term fluctuations, underlying market dynamics remain positive. XRP’s daily trading volume presently stands at $1.291 billion.
Given that whale accumulation frequently occurs before significant market events, these big pocket investors’ confidence suggests a bullish outlook for the token.
The recent introduction of the Grayscale XRP Trust has sparked significant interest from institutional investors, adding to the market’s excitement about XRP. According to CNF, the trust’s NAV (Net Asset Value) increased by 11.44% in just one week after its launch.
This suggests increased institutional demand for the coin, which complements the broader accumulating trend among retail and whale investors alike.
On the other hand, as we previously highlighted, South Korea’s Surfy platform enables cafes to accept XRP payments via QR codes, enabling fast and easy transactions. During the test, customers were allowed to make XRP purchases at Cafe Valer, a renowned coffee shop in Gangnam.
