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Renowned crypto analyst Ali Martinez shared data that suggests an interesting hoarding trend among XRP investors despite ongoing price uncertainty. According to Martinez, who cited data from on-chain analytics platform Santiment, XRP whales you made a big purchase a total of approximately 40 million XRP in the last 48 hours.
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This significant trend of accumulation coincides with a large increase in transactions to and from cryptocurrency exchanges, as highlighted by whale transaction tracker Whale Alerts at the same time.
Whales Buy Millions of XRP
In the latest post on social media X, Martinez shared a Santiment data chart showing the total holdings of XRP addresses that contain between 1 and 10 million XRP tokens.
He emphasized that these particular groups of traders have collectively received about 40 million XRP in the last 48 hours, including an investment of about 22 million dollars. Although this figure may seem modest compared to the much larger movements often seen in XRP whales, it marks a significant development as it represents the first significant inflow into these funds since the beginning of the month.
A chart shared by Martinez reveals a concerning trend. The total catch of these whale bags has decreased significantly since the beginning of October. On October 1, the group’s combined holdings were recorded at around 3.93 billion XRP.
However, in a few days, these funds suffered a huge loss of about 130 million XRP, driving their total value down to a three-month low of 3.8 billion XRP on October 8. The collective holdings increased to 3.85 billion in hours. -24 ago.
According to data from Whale Alerts, there have been several instances of large XRP transactions entering and leaving crypto exchanges in the past 24 hours. A great work has been done with the transfer of 104 million XRP tokens worth $55 million from an anonymous fund to a new anonymous fund.
Other A notable transaction was transfer of 52 million XRP tokens worth $27.8 million from an anonymous fund to crypto exchange Bybit. After a while, 30 million XRP tokens transferred to Bybit in another private fund.
Is XRP Headed For $0.5 Or $0.6?
Present value action shows XRP integration between a high of $0.54 and a low of $0.52 over the past seven days. This lack of clear direction suggests low volatility and lack of interest among crypto traders, as shown by a drop in trading volume of about 30% in the last 24 hours.
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However, the recent increase in whaling may indicate renewed interest among the biggest investors in XRP, indicating a possible shift in market sentiment as the new week begins. Historically, the number of whaling has increased usually accompanied by a progressive rise at the price of XRP. If this trend continues, it could repeat the rally seen in September, which propelled XRP to $0.668.
Featured image from Pexels, chart from TradingView
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