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XRP & Cardano Whales Load Up Bags: Preparation For Altcoin Rally?

On-chain data shows that XRP and Cardano whales have been accumulating recently, which can be bullish for the prices of these altcoins.

XRP & Cardano Whales Have Gone On A Buying Spree Recently

As analyst Ali explained in a new post on X, XRP whales have seen their holdings go up over the last couple of weeks. The indicator of relevance here is the “Supply Distribution” from the on-chain analytics firm Santiment, which tells us about the total amount of assets the different market groups hold.

The whale cohort is of interest in the current discussion. These investors hold between 1 million and 10 million XRP in their balance.

At the current exchange rate, these amounts are worth around $0.52 million and $5.2 million, respectively. Clearly, these are pretty significant holdings, which is why whales are considered influential in the market.

Now, here is a chart that shows how the Supply Distribution of the entities belonging to this XRP group has looked like recently:

XRP Whales

The graph shows that while the XRP price has been stuck in consolidation during the last couple of weeks, the whales have been viewing the opportunity as a buying one.

These humongous investors have scooped up over 110 million cryptocurrency tokens (equivalent to almost $57 million) inside this window. This buying scale isn’t particularly massive, but the fact that these investors have been backing the coin through this poor period should be an optimistic sign.

It would also appear that XRP isn’t the only one on the large holders’ radar recently. Market intelligence platform IntoTheBlock revealed in an X post that Cardano has also seen a significant buying push.

Cardano Whales

In the above chart, IntoTheBlock displays the holdings of the Cardano investors, which are between 100 million and 1 billion ADA. This range’s bounds convert to about $45.3 million and $453 million, respectively, so these whales would be much more massive than the XRP ones just discussed.

As is apparent from the graph, these ADA entities have expanded their holdings over the past month. More particularly, their supply has grown by 11% in this period, which, when considering the scale of the total holdings of this group, is an enormous increase.

According to the analytics firm, these Cardano whales now control 6.71% of the entire circulating supply of the cryptocurrency all by themselves.

This latest buying push towards XRP and ADA from the whales simultaneously could be a potential sign that these large entities are expecting an altcoin rally soon. Given that Cardano has seen it happen at a much more significant scale, the coin could likely see better returns than XRP if a surge does happen.

XRP Price

XRP has displayed stale price action recently, as its price has continued to move sideways around the $0.52 level.

XRP Price Chart

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XRP Whales Are Active: Here’s Where They Are Sending Coins

On-chain data shows the XRP whales have been active during the past day. Here are the destinations their moves have been heading to.

XRP Whales Have Moved Around Big Amounts In Last 24 Hours

According to data from the cryptocurrency transaction tracker service Whale Alert, several large XRP transactions have been witnessed on the blockchain in the past day.

More specifically, five transfers in total that are of scale often attributed to the whales have occurred on the network inside this window. Since whale transactions involve the transfer of a significant sum of capital, they can sometimes cause fluctuations in the market.

The implications any whale transfers might have for the market depend on their intent. However, the exact purpose behind any transfer can be hard to ascertain. Nonetheless, the address details of the transaction may provide at least some hints about the context surrounding it.

First, here are the details regarding the oldest XRP whale transfer from the past day:

XRP Whale Deposit

As is visible above, this transaction involved the movement of 29.74 million XRP, worth $15.7 million at the time of the transfer. The sender was an unknown wallet, likely a whale’s address.

On the other hand, the receiver was a wallet attached to a known centralized platform: the cryptocurrency exchange Bitso. Thus, the whale here made a deposit to the exchange from their personal address.

Investors usually make such transactions whenever they want to use one of the services platforms like these provide, including selling. As such, exchange inflows can prove to be bearish for the price.

The second-oldest whale transaction from the past 24 hours was also an exchange inflow, this one towards Bitstamp. Interestingly, the sending address for this one was the same as the Bitso deposit, so the same whale was probably behind both of these moves.

The large investor shifted 27,430,000 XRP ($14.5 million) to the exchange in this second move. Naturally, if the whale has made these large moves for selling, they could be a bad sign for the asset’s price.

Though, perhaps fortunately for the XRP investors, two exchange outflows have also occurred recently, which may cancel out these inflows. Below are the details of the two larger withdrawals.

XRP Withdrawal

In this move, a whale took out around 26.67 million XRP ($14 million) from Binance. Today’s exchange outflow also involved Binance, with another 20.85 million tokens ($10.6 million) leaving the platform.

The fifth and final transfer was the largest during the past day at a whopping 100 million XRP ($53 million), but this move involved unknown wallets on both sides so it’s impossible to say why the move would have been made.

The reason could have been anything, from a change of wallets to selling through over-the-counter (OTC) means.

XRP Price

XRP had recovered to $0.57 earlier in the week, but it appears that the coin has lost this progress; it’s back at $0.52 now.

XRP Price Chart

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94 Million XRP Exits Binance As Bulls Reclaim Control, What’s Going On?

Crypto whale transaction tracker Whale Alerts has revealed various large XRP transactions in the last 24 hours as bullish momentum returns to the market. Interestingly, five of the large transactions in the past 24 hours have come from crypto exchange Binance, with the latest occurring in the past hour. In fact, 94 million tokens were recently transferred from Binance into unknown wallets, prompting investors to contemplate the reasons behind the transfers and possible outcomes.

Large Transactions From Binance

Data from Whale Alerts reveals that the transfers, worth over $57 million, were sent out of Binance in five transactions of 18 million XRP each. This huge transfer could signal big investors are buying the altcoin in droves, but the pattern of accumulation also points to the transactions being carried out by one entity.

The transfers occurred throughout Sunday, starting with a transfer of 18.76 million tokens worth $11.7 million from Binance into an unknown wallet. Subsequently, 18.4 million tokens, 19.2 million tokens, 18.8 million tokens, and 18.7 million tokens worth $11.26 million, $11.47 million, $11.19 million, and $11.69 million were sent into private wallets.

Investors can only speculate as the identity of wallet addresses is mostly unknown. But shifts of this magnitude often foreshadow market sentiment. These enormous transactions in such a short time span negate a random pattern and suggest accumulation from the parties involved. 

However, the transfers could have also been carried out by Binance itself, as on-chain data shows all recipient addresses were activated on the same day by the exchange. Furthermore, this pattern of 18 million XRP tokens departing Binance in each large transaction began on Friday. Essentially, the transfers could have been due to wallet maintenance or liquidity factors. 

What’s Next For XRP?

XRP has majorly underperformed other large market-cap cryptocurrencies. At the time of writing, the token is trading at $0.6219 and is up by 18% in 30 days. For comparison, Bitcoin, Ethereum, and BNB are up by 49%, 58%, and 63% respectively in the same timeframe. 

However, XRP enthusiasts continue to remain strong and anticipate a strong bullish run. According to attorney Bill Morgan, XRP is set to surpass its all-time high of $3.4 this cycle. Right now, XRP is showing other signs of building momentum, like a recent breakout above a long-term downtrend line. 

A popular crypto analyst known as Ash Crypto noted that the altcoin is on the verge of a multi-year breakout. The last time this happened, XRP went on a surge throughout 2017 and 2018 to reach its current all-time high. 

According to the analyst’s XRP chart, a repeat of this breakout would lead to a surge of epic proportions to $18.

XRP price chart from Tradingview.com

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XRP Records Highest Single Day Whale Accumulation Since Ripple’s Partial Victory Over SEC

Market intelligence platform Santiment recently revealed how XRP whales look to be going all in on XRP following significant purchases of the crypto token. Notably, these buys are said to be the most since Ripple’s partial victory over the Securities and Exchange Commission (SEC). 

XRP Records 217 Whale Transactions

Santiment stated in an X (formerly Twitter) post the XRP Ledger processed 217 ‘$1 million whale transactions’ on the network on January 31. This happens to be the most transactions of such magnitude recorded in a single day since Judge Analisa Torres ruled that XRP wasn’t a security in itself last year July. 

Just like Santiment noted, such an occurrence has the potential to impact XRP’s price positively. XRP had risen to as high as $1 on the back of Judge Torres’ ruling as it strengthened the conviction of the altcoin’s holders, who then decided to double down on their investments. If such a similar scenario plays out again, then XRP is expected to experience price surges soon enough. 

The market intelligence platform also added that some key signals indicated that XRP was “one of the better candidates for a bounce, assuming Bitcoin Bitcoin can stabilize the rest of the week.” The altcoin had dropped below the crucial support level of $0.5 following Bitcoin’s recent decline. However, it is back above that level as the market shows signs of recovery. 

Meanwhile, despite XRP’s relatively stagnant price action, these whales do not seem to be worried. Santiment revealed that wallets holding at least 10 million XRP tokens combined to hold 67.2% of the available supply, the most since December 31, 2022. 

XRP price chart from Tradingview.com (Ripple whales)

Binance Freezes $4.2 Million Worth Of Tokens

Binance CEO Richard Teng stated in an X post that the crypto exchange had managed to freeze $4.2 million worth of XRP, which was part of the proceeds from the recent XRP exploit. NewsBTC had reported how there was a breach on the personal XRP accounts of Ripple’s co-founder Chris Larsen, which led to the theft of more than 213 million tokens. 

Teng also mentioned that the Binance team will help retrieve the remaining funds in any way they can. He added that they were closely monitoring the majority of the funds in the exploiter’s external wallets just in case they tried depositing these tokens to Binance. 

The exploiter is reported to have laundered some of these funds through crypto exchanges like MEXC, Gate, Kraken, OKX, and HitBTC. 

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XRP Whales Are On The Move, What Are They Up To?

On-chain data shows the XRP whales have made some moves in the past day. Here’s what these humongous entities have been up to.

XRP Whales Have Made Some Exchange-Related Transfers During Past Day

According to data from the on-chain transaction tracker service Whale Alert, three large transactions have been spotted on the XRP network during the last 24 hours.

The first of these transfers involved the movement of about 28.7 million XRP across the blockchain, worth around $14.7 million when the transaction went through.

Given the scale of the move, it’s likely that a whale entity was behind it. Owing to their large holdings, the whales can be influential beings on the network, so their moves can be worth following, as they may cause noticeable fluctuations in the market.

What a whale’s transfer may imply for the cryptocurrency depends on the intent behind it. Below are the details regarding this first XRP whale transfer, which may shed some light on its context.

XRP Whale Transfer

As is visible above, the sending address in the case of this XRP whale transaction was an unknown wallet. At the same time, the receiver was an address attached to the cryptocurrency exchange Bitstamp.

“Unknown wallets” refer to addresses unaffiliated with any known central entity. As such, they are generally the investors’ personal, self-custodial wallets.

In this transfer, it would appear that the whale shifted their coins from their address to Bitstamp, suggesting they wanted to use one of the platform’s services. This can include selling, although it’s not a certainty.

If the whale was looking to sell, the transfer could naturally have bearish consequences for the asset. Just like this transfer, the second one from the last 24 hours was also an exchange inflow, this time towards Binance.

XRP Binance Inflow

This transaction involved an amount of 100 million XRP ($51.3 million), making it almost four times the size of the previous one. This may be a troublesome sign for the cryptocurrency if these whales sell here.

However, the third and the latest of the whale transactions could offset a bit of negative effect (if any) that may arise out of these exchange inflows.

XRP Binance Outflow

Unlike the other two whale transactions, this is an exchange outflow transaction, going out of Binance and toward an unknown wallet. A closer inspection of the addresses involved reveals that the same Binance address took part in both this and the second transfer.

This could suggest that the whale who made the large deposit to Binance has now made this withdrawal. The investor has only withdrawn 20.6 million XRP ($10.5 million), which is significantly less than the amount they deposited earlier.

XRP Price

XRP has dived around 5% in the past day, and the coin’s price is now floating around $0.5. Given this trend, it’s possible that at least some of the amount the whales deposited today was for selling.

XRP Price Chart

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XRP Whales Make Big Moves Amid Market Volatility

XRP Whales are causing a stir in the XRP community as holders speculate on what could be the reason for their latest moves. On-chain data shows that these whales have moved a significant portion of their holdings in the last 24 hours.  

Over 63 Million XRP Tokens Moved

Data from Whale Alert shows that two significant XRP transactions have occurred recently. The first was a transfer of 26,400,000 XRP from an unknown wallet to the crypto exchange Bitstamp. The second was a transfer of 36,964,930 XRP from the crypto exchange MEXC to an unknown wallet. 

It is normal for transactions of such magnitude to raise eyebrows, considering the impact that they could have on XRP’s price. Specifically, such transfers to centralized exchanges usually suggest that the whale could be looking to dump the crypto tokens on retail investors. If so, that could potentially lead to a significant decline in the altcoin’s price. 

In this case, it is, however, worth mentioning that the first transaction in question happens to be a recurrent one, as huge sums of XRP tokens have been reported on a couple of occasions to have moved from that same wallet to Bitstamp. 

These transactions are believed to occur as a result of Ripple’s strategic partnership with the crypto exchange, with the latter using the crypto firm’s payment services. Meanwhile, the nature of the second transaction also allays fears of an impending sell-off. This is because the tokens were sent from the MEXC to an unknown wallet and not the other way around. 

As such, it is more likely to be a whale who is moving their XRP holdings to cold storage. This is more plausible, considering that these whales may soon see huge gains based on recent price predictions. 

XRP price chart from Tradingview.com

Why Price Could Rise To Over A Dollar Soon

Crypto analyst Ali Martinez recently offered a bullish narrative for the token’s price. He noted how the governing pattern behind the crypto token’s price action since June 2022 looks to be an ascending parallel channel. If this pattern continues, XRP could rise to between $0.80 and $1.10, the analyst hinted. Those price levels are the channel’s middle and upper boundaries. 

In a subsequent X post, the analyst also suggested that now may be a good time for those looking to get in on the token. He stated that the weighted market sentiment for XRP had dipped to its lowest negative point since mid-May 2023. Moments like this can “present unique opportunities in the market,” Martinez claims.  

At the time of writing, XRP is trading at around $0.56, down over 1% in the last 24 hours, according to data from CoinMarketCap. 

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XRP Whales Show Exchange Inflow Activity, Bad Sign For Price?

On-chain data shows that XRP whales have been making exchange inflows in the past day, a sign that may be negative for the asset’s price.

XRP Whales Have Made Multiple Large Exchange Inflows Today

According to data from the cryptocurrency transaction tracker service Whale Alert, the XRP network has handled a few large transactions during the last 24 hours.

In total, there have been four such transfers, each worth at least $10.9 million. Given the huge scale of these moves, it’s likely that whale entities were responsible for them.

The whales are naturally influential players on the network as they carry large amounts in their wallets. Thus, their transfers can be worth watching, as they may end up causing fluctuations in the market.

How such a transfer would influence the price depends on what the intent behind it was. It’s generally hard to find the exact motive behind any transaction, but depending on what type of transfer it was and which wallets were involved, some hints can perhaps be gathered.

Three of the whale transactions from the past day have been similar in structure. Here are the address details of the first of these large transfers:

XRP Whale

As is visible above, this transaction involved a movement of 24.6 million XRP (worth over $15 million at the time the transfer went through) between an unknown wallet and an address attached to the cryptocurrency exchange Bitstamp.

Unknown wallets are addresses unaffiliated with any known central entity, so the sender address here was likely the whale’s personal wallet. One of the main reasons why an investor would transfer coins from their self-custodial wallets to an exchange is for selling purposes, so it’s possible that this humongous holder has made this move to part with the stack.

Interestingly, the second exchange inflow transaction from the last 24 hours also appears to have been made by the same whale, as the sending addresses match.

XRP Inflow

While the receiver in the case of this transaction worth 18 million XRP ($10.9 million) is also an exchange, the platform is Bitso this time, and not Bitstamp as was the case with the other transfer.

The third and final exchange inflow seems to have involved both a different sender and receiver, suggesting that a different whale entirely was responsible for this 20 million tokens ($12.1 million) transfer.

XRP Selling

As mentioned earlier, it’s hard to say for sure anything about the intent behind these moves, but given that they are exchange inflows, they can potentially end up proving to be bearish for the cryptocurrency.

The fourth and the oldest large transaction that has occurred inside this window was actually the largest one and it would appear that Ripple, the company behind the cryptocurrency, was the sender involved.

Ripple XRP

As is apparent above, the firm has shifted 120 million XRP ($73.8 million) to an unknown wallet. There can be many reasons why the company would have made such a transaction, ranging from a simple change of wallets to a selling move.

Token Price

XRP has mostly been moving sideways recently as it currently trades around the $0.61886 level.

XRP Price Chart

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XRP Whale Transactions Spike To 3-Month High As Smart Money Buys

XRP has witnessed a remarkable surge of over 29% in its value over the last 12 days. The price has risen from $0.4771 to a two and a half month high of $0.6209 yesterday.

Sharks And Whales Make A Splash

This impressive price hike coincides with an increase in whale transactions as well as the number of wallets holding more than 10,000 XRP (worth approx. $5,930), indicating heightened interest from retail investors as well as large investors, commonly referred to as “whales” in the crypto community.

On-chain analytic firm Santiment shared via X (formerly known as Twitter), “XRP revisited a $0.60 market value for the first time since its tumble back on August 16th. Along this road back, we have seen whales get gradually more involved. Additionally, there are now an alltime high 277.62K wallets holding at least 10,000 XRP.”

XRP whales and sharks

Santiment presented the below chart and stated that the ledger has shown a noticeable increase in the number of wallets holding 10,000 coins or more, with the current number exceeding 277.6K. Moreover, there has been a significant uptick in the volume of whale transactions, with those exceeding $1 million in value spiking to a 3-month high. To be precise, October 31, 2023, saw a total of 255 such high-value transactions.

The data by Santiment provides a clear visual representation of the increasing trend in XRP’s price, which is further underscored by the corresponding rise in large transactions and whale wallet count. With an evident increase in the activity of both ‘sharks’ and ‘whales’, the market seems to be attracting significant attention from big players.

Remarkably, the most popular whale tracker on X has reported quite a few whale transactions in the last 24 hours. First of all, as usual for the 1st of the month, Ripple has released 1 billion XRP from the escrow account. Whale Alert reported 3 transactions of 500 million, 400 million and 100 million XRP.

In addition, there were also other interesting transactions. Thus, Ripple transferred 50 million XRP (about $29.87 million) to an unknown wallet. 24.9 million tokens (about $14.9 million) were transferred from an unknown wallet to Bitstamp. Moreover, 30 million XRP (about $17.2 million) were transferred from Bybit to an unknown wallet.

Smart Money Is Buying XRP

Analyst Jaydee has turned his focus to the XRP/BTC chart, suggesting that discerning investors find more than just price ticks and candlesticks. He noted, “I’m paying more attention to the XRP/BTC chart. Smart money is respecting the multi-year trendline.”

XRP price analysis

The multi-year trendline in the 1-week chart, accentuated by four touchpoints, has acted as a crucial support for the altcoin when paired against BTC. Every touch on this line has resulted in a significant price surge, emphasizing its role as a robust line of defense against bearish pressures.

The chart further showcases dramatic price increases. At one point, a bullish rally catapulted the price by a staggering 415%. This wasn’t an isolated incident. Subsequent surges of 230%, 101%, and 60% followed, painting a picture of resilience and bullish momentum for the cryptocurrency against its Bitcoin counterpart.

Yesterday, Jaydee drew attention to the recent bounce on the chart. He elaborated, “Look at that bounce on XRP/BTC chart! Looks like SMART MONEY are buying now while DUMB MONEY were buying the lawsuit narratives.”

At press time, XRP traded at $0.5983.

XRP price

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XRP Price Crosses $0.53 But These Factors Suggests Rally Is Far From Over

The XRP price saw an impressive run over the last day after news broke that the US Securities and Exchange Commission (SEC) was dropping its lawsuit against Ripple’s executives. This surge carried on into Friday as the altcoin’s price was able to clear the $0.53. Naturally, there has been a pullback from this price level, but whale transactions suggest that the rally may not be over.

Crypto Whales Flex Their Buying Power

In the last day, crypto whales have been showing their buying power as the price of cryptocurrencies such as XRP saw a recovery. The first indication of this was a number of large USDT transactions that were making their way toward centralized exchanges.

The first of these reported by whale tracker Whale Alert was $100 million in USDT transferred to Binance. Then two other transactions carrying the same amount of tokens followed suit, all headed for the Binance exchange as well. Another 50 million USDT would make their way to the exchange just a couple of hours later.

Then the minting of $1 billion USDT at the Tether Treasury took place as Thursday drew to a close. What followed was a number of transactions carrying USDT in 50 million tranches headed for Binance. The transactions continued into Friday, with the most recent being two hours old, at the time of this writing.

XRP price chart from Tradingview.com

What This Means For XRP Price

The continuous transfer of stablecoins to centralized exchanges can often signal a willingness to purchase cryptocurrencies. Mostly, these purchases are in Bitcoin but the buying power tends to have a trickle-down effect. Meaning, that as the price of Bitcoin goes up, so will the XRP price.

In this case, if whales continue to buy and push the Bitcoin price past $30,000, then the XRP price is likely to follow suit and break the $0.55 resistance while at it. However, the XRP price also faces strong resistance as whales have taken to selling.

As Whale Alert shows, there were a number of large XRP transactions headed toward centralized exchanges. The most notable of these are the 32.3 million XRP worth $15.79 million at the time sent to the Bitso exchange, as well as the 31.1 million XRP worth $15.2 headed to the Bitstamp exchange.

These whale movements suggest a battle between bulls and bears as they struggle for dominance. But XRP price continues to show strength with 7.44% gains in the last 24 hours, and up 6.94% in the last seven days.

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XRP Price Gearing Up For Rebound As Whales Make Their Move

Although the XRP price has witnessed a decline along with the overall crypto market since the beginning of October, recent price action shows XRP is consolidating in the $0.5 support level, suggesting the early stages of a rebound may be brewing. In addition to this, on-chain data has revealed some whales are expanding their holdings in preparation for the rebound.  

Large XRP Transactions Hint At Accumulation

Various on-chain data has shown large XRP transactions in the past few weeks to and from exchanges, suggesting some whales might be accumulating XRP tokens.

According to data from Whale Alerts, a crypto whale tracking service, 50 million XRP worth $24.8 million was recently transferred from Crypto.com to a private wallet. 

Whatever the reasons, massive XRP transactions like this are worth paying attention to as they can either increase or decrease buying and selling pressure.  

While there have been other whale movements from private wallets to exchanges, data from the crypto analytics platform Santiment points to an accumulation tactic from XRP whales. A metric that follows the balances of wallets holding between 100,000 to 1 million XRP has significantly increased since the beginning of the month. 

In this last 7-day timeframe, the net cumulative balance in these wallets increased by 60 million XRP tokens from 3.77 billion to 3.83 billion. XRP is currently trading at $0.499, putting the net increase of these whales at $29.9 million.

XRP price chart from Tradingview.com

What’s Next For XRP Price – Potential Impact

Interest in the XRP price is now at one of its highest levels, and according to financial analysts, the cryptocurrency is leading the charge in upending the conventional payments sector. The number of XRP holders has also steadily been on the rise, as news about Ripple and the SEC has continued to generate attention for XRP. 

Data from Santiment below shows this measure is now at 4.8 million wallet addresses:

Ethereum price

The XRP price is down by 2.11% in the past 24 hours, but trading volume increased by 56.53%. Higher volume means there is more activity and interest in an asset, which can indicate a price spike. However, bulls have failed to hold the $0.50 support zone, and XRP might continue to move down if it breaks below $0.488. 

With whales accumulating, key support levels holding, and the SEC lawsuit progressing in Ripple’s favor, there might be a bullish reversal for XRP. According to one analyst, XRP could rise 1137% to a new to a new all-time high of $5.85.

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XRP Whales On The Move Again, As Altcoin Records Significant Utility Spikes

In the last 48 hours, the XRP market has witnessed a significant amount of large-scale transactions, drawing much attention from the general crypto space. According to data from blockchain tracker Whale Alert, XRP whales conducted transactions involving over a billion XRP on Friday, September 1. 

Ripple Transfers 75 Million XRP To Unknown Wallet In Whale Buying Spree

Through a series of posts by Whale Alert on social media platform X (formerly Twitter), it can be inferred that the XRP market witnessed four major whale transactions. 

The biggest of these transactions was the transfer of 424,354,912 XRP – valued at $214,293,666 – from one unknown wallet to the other. In this context, unknown wallets refer to addresses with no affiliation to a crypto exchange. 

Furthermore, there was the move of XRP, 19,920,318 XRP worth $10,167,904, from another unknown wallet to the Binance exchange. It was also noted that a whale transferred 66,666,659 XRP, worth $33,065, 809 from an unknown wallet to the Binance exchange. 

However, the most notable transaction that caught most traders’ eye came from Ripple, the company behind the XRP cryptocurrency. 

Whale Alert reported that Ripple transferred 75,000,000 XRP, worth $37,058,145, from its Binance wallet to an unknown wallet. 

Following this move, some crypto enthusiasts believe that this particular unknown wallet also belongs to Ripple, as the company could be intending to soon offload those tokens on an exchange. This speculation has led to most investors predicting an incoming market dump. 

Ripple also conducted other transactions on September 1, locking about 800,000,000 XRP in escrow. 

However, this does not raise any concern as the crypto payment firm is known to release 1,000,000,000 XRP at the start of every month before proceeding to lock up about 80% of the new tokens a few hours later. 

XRP Records 7-Month Highest Transaction Volume Among Other Positives

Following the massive transactions in the XRP market, on-chain analytics firm Santiment has provided a report highlighting some of the effects of these whale movements.

According to an X post on September 1, Santiment reports an on-chain transaction volume of 4.8 billion XRP, marking the seven highest value of this metric in the XRP market over the last seven months. 

The analytics firm also noted that there are currently about 2.03 billion XRP in circulation, representing the token’s highest-circulating supply since May 31. In addition, XRP development activity was also reported to be on the high side.

At the time of writing, XRP still finds itself struggling amid a general market downturn. The fifth-largest cryptocurrency trades at $0.4983 with a 1.88% loss in the last day, according to data from CoinMarketCap.

XRP whale

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XRP Whales On The Move Again, As Altcoin Records Significant Utility Spikes

In the last 48 hours, the XRP market has witnessed a significant amount of large-scale transactions, drawing much attention from the general crypto space. According to data from blockchain tracker Whale Alert, XRP whales conducted transactions involving over a billion XRP on Friday, September 1. 

Ripple Transfers 75 Million XRP To Unknown Wallet In Whale Buying Spree

Through a series of posts by Whale Alert on social media platform X (formerly Twitter), it can be inferred that the XRP market witnessed four major whale transactions. 

The biggest of these transactions was the transfer of 424,354,912 XRP – valued at $214,293,666 – from one unknown wallet to the other. In this context, unknown wallets refer to addresses with no affiliation to a crypto exchange. 

Furthermore, there was the move of XRP, 19,920,318 XRP worth $10,167,904, from another unknown wallet to the Binance exchange. It was also noted that a whale transferred 66,666,659 XRP, worth $33,065, 809 from an unknown wallet to the Binance exchange. 

However, the most notable transaction that caught most traders’ eye came from Ripple, the company behind the XRP cryptocurrency. 

Whale Alert reported that Ripple transferred 75,000,000 XRP, worth $37,058,145, from its Binance wallet to an unknown wallet. 

Following this move, some crypto enthusiasts believe that this particular unknown wallet also belongs to Ripple, as the company could be intending to soon offload those tokens on an exchange. This speculation has led to most investors predicting an incoming market dump. 

Ripple also conducted other transactions on September 1, locking about 800,000,000 XRP in escrow. 

However, this does not raise any concern as the crypto payment firm is known to release 1,000,000,000 XRP at the start of every month before proceeding to lock up about 80% of the new tokens a few hours later. 

XRP Records 7-Month Highest Transaction Volume Among Other Positives

Following the massive transactions in the XRP market, on-chain analytics firm Santiment has provided a report highlighting some of the effects of these whale movements.

According to an X post on September 1, Santiment reports an on-chain transaction volume of 4.8 billion XRP, marking the seven highest value of this metric in the XRP market over the last seven months. 

The analytics firm also noted that there are currently about 2.03 billion XRP in circulation, representing the token’s highest-circulating supply since May 31. In addition, XRP development activity was also reported to be on the high side.

At the time of writing, XRP still finds itself struggling amid a general market downturn. The fifth-largest cryptocurrency trades at $0.4983 with a 1.88% loss in the last day, according to data from CoinMarketCap.

XRP whale

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Large Transactions Put XRP Price Under Pressure: Are Whales Making An Exit?

XRP has had its ups and downs in the past few months, ranging from a 70% price spike from Ripple’s partial victory in court to whales and retail investors taking profit after the price pump. Now, on-chain data has shown that XRP big money players have made many interesting transactions this month, with whales transferring over 1.7 billion XRP worth $899,530,325. 

XRP Price Sees Pressure From Whale Movement In August

According to on-chain data, a total of 1.7 billion XRP, worth over $899 million, were moved by some of the largest XRP holders in August. Whale movements of this nature tend to generate curiosity among investors. Some see it as a bearish signal for the XRP’s price, as these transactions have the potential to put some downward pressure on XRP due to fears of possible large sell-offs. 

Data from Whale_Alerts have shown various whale movements in August. The latest transaction came hours ago, with 424,018,481 XRP worth $225,957,060 transferred between unknown wallets.   

Bitstamp, in particular, received a flurry of XRP from unknown wallets, totaling more than 85,200,000 XRP between August 27 and 29. Bitvavo, another crypto exchange, recorded various XRP whale transactions in the month. In one instance on August 27th, 425,118,503 XRP worth $224,906,760 left the exchange to an unknown wallet. 

However, one XRP investor claims to have tracked out the source of the massive transfers on Bitvavo. The investor explained that the coins have been moved back and forth the exchange many times since 2020 and the latest transfer was to an address controlled by Bitvavo.

Ripple (XRP) price chart from Tradingview.com (Whales)

Return Of 800 Million XRP to Escrow

A high volume of the XRP whale movement came from Ripple itself. On August 1, the blockchain technology company returned XRP tokens to its escrow wallet just after carrying out its periodical unlock. Ripple periodically unlocks 1 billion XRP tokens to increase the number of tokens in circulation. 

On-chain data from Whale_Alerts also show that 300 million XRP tokens, with a value of $209 million, were locked in Ripple’s Escrow wallet on August 1. Shortly after, the on-chain tracker revealed that a further 500 million XRP tokens worth $349,458,791 were locked back into escrow.

Although XRP is currently up by 2% due to the current buying pressure on Bitcoin, the cryptocurrency is down by 24.61% in the past month. However, XRP trading volume has spiked 115.03% in the past 24 hours.

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XRP Price Faces Immense Sell Pressure That Could Trigger 20% Decline

Back in July when Judge Analisa Torres first declared XRP programmatic sales do not qualify as securities, the token price had rallied. However, now that the euphoria from the ruling has worn off and the United States Securities and Exchange Commission (SEC) has begun to fight back, the coin’s price is correcting back downward, prompting massive sell-offs of the token.

Whale Moves 29.3 Million XRP To Exchange

On-chain whale tracker has flagged an XRP transaction that could spell bearish pressure for the price of the cryptocurrency. According to the post made on X (formerly Twitter), a single whale moved a total of 29.3 million tokens to a centralized exchange. The total stash of tokens which were worth a little over $15.13 million at the time were transferred to the Bitstamp exchange.

While large transactions like these are not new on the network, the destination is what has raised concerns among investors. Usually, when investors move tokens to centralized exchanges such as Bitstamp, it is to sell their tokens. This is because centralized exchanges offer lower fees and deeper liquidity, which also help to mitigate the impact of the selling.

It is possible the whale has already begun selling the coins as the XRP price saw a quick dip around the time the transaction was made. But with such a large stash, further selling could see the price fall further with such sell pressure leading to as much as a 20% decline.

Since the XRP price is already struggling, this bearish scenario becomes more likely, especially with the broader crypto market seeing widespread negative momentum and Bitcoin struggling to recover. Another dip from here would easily see the XRP price fall to the $0.48 territory.

XRP price chart from Tradingview.com (XRP whales)

Is All Hope Lost For XRP Price?

Although the large $15 million move by the whale to Bitstamp is concerning, the bulls have not taken it lying down. A couple of hours after the transaction was first seen on the blockchain, a massive buy of $1.5 million worth of XRP was reported on the Bybit exchange.

The large buys led to two quick spikes in the XRP price, reaching $0.5311 briefly before going back downward. This signifies that there is a good amount of buy pressure on the digital asset that could help offset the whale selling.

Interestingly, the token is still holding above the 200-day moving average which suggests bullish sentiment, at least in the mid-term. So while a 20% can be expected due to the selling, the decline will likely not last before the digital asset picks back up.

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XRP Whales Accumulate, Can Price Recover Now?

On-chain data shows the XRP whales have been sharply accumulating recently, something that can help the price recover.

XRP Whales Have Continued To Expand Their Holdings Recently

According to data from the on-chain analytics firm Santiment, the largest of the XRP investors have been buying in recent days. The relevant indicator here is the “Supply Distribution,” which tells us about the total amount of the asset that each holder group in the market is carrying in their combined wallets right now.

The addresses or investors are divided into these groups based on the total number of coins that they are currently holding. The 10-100 coins cohort, for instance, includes all holders who own at least 10 and at most 100 XRP.

In the context of the current discussion, two such groups are of interest: 10 million to 100 million coins and 100 million to 1 billion coins. The combined range of these groups has a lower bound of $5.22 million at the current exchange rate, while the upper bound converts to $522 million.

This means that the members of both these groups are the whale entities, with the latter cohort naturally carrying the largest of holders even among these humongous investors.

Now, here is a chart that shows the trend in the XRP Supply Distribution for both of these whale groups over the last few months:

XRP Whales

As displayed in the above graph, the XRP Supply Distribution for the smaller of the two cohorts (that is, the 10 million to 100 million coins group) has been rising for a while now. This means that these whales have only continued to buy more as the asset’s price has observed an extended drawdown.

This behavior hasn’t changed with the latest sharp plunge in the cryptocurrency, either, as the metric has now risen toward the 5.1 billion mark.

The largest of whales (100 million coins to 1 billion coins), on the other hand, started to actively dump their coins not too long after the coin hit its top in July. They continued their selling until the recent crash, but following it, they have changed their tune and have participated in some pretty significant accumulation.

This is naturally a positive sign for the cryptocurrency, as it means that these humongous whales believe that the current lows should prove to be a profitable buying point.

With this accumulation spree, this cohort as a whole now holds an 11 billion tokens stack. This means that these two whale cohorts combined now carry around 16.1 billion coins of the asset, worth around $8.4 billion.

It’s uncertain whether XRP would recover anytime soon, but the buying from the whales is at least a sign that these humongous entities would be supportive of such a move if it happens.

XRP Price

At the time of writing, XRP is trading around $0.52, down 17% in the last week.

XRP Price Chart

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XRP Whales Trigger Price Decline With Large Selling

Massive XRP whale wallets are at it again as recently, some of the largest holders of XRP have dumped over 100 million tokens, putting major selling pressure on the XRP price. 

On-chain data shows that since July 19, the overall supply in addresses holding between 100,000-1,000,000 coins has decreased from 6.85 billion to 6.75 billion.

Whales Taking Profit After Pump

The actions of whales or large holders of cryptocurrencies seem to always tell the nature of general market sentiment. When whales sell off chunks of their holding, it often triggers a cascade of smaller holders selling in response, driving the price down. 

While retail investors and smaller holders often get caught up in the excitement of price rises and buy-in at the top, whales are more likely to sell off after massive price jumps and buy back in after the pullback.

Right now, XRP whales may be taking some profits after the recent pump in price following news of partial victory in the SEC case. The price of XRP rose over 70% in less than 24 hours to $0.85 on the back of the news but has since declined about 15% from the yearly high. Data shows that the price decline started two weeks ago, around the same time when XRP whales started selling off their holdings.

Ripple (XRP) price chart from Tradingview.com

What’s Next For XRP?

The XRP ecosystem faced a similar selloff in June, as whales dumped around 120 million XRP after Ripple unlocked its escrow to add another 1 billion tokens into circulation. Sell-offs are likely to trigger more selloffs. So In the short term, we’re likely to see some price volatility and fluctuations as the market absorbs the impact of such a large amount of tokens entering circulation. 

The price of XRP, on the other hand, is doing well compared to the overall market. It was reported earlier last month that whales have been amassing more than $500 million in XRP since February in anticipation of positive developments within the ecosystem. 

Ripple, the company behind the altcoin, says it is now eyeing the tokenized assets market as it hopes to unlock trillions of dollars of value in the global financial system.

However, Ripple’s partial victory in court seems to be standing on one foot, as analysts expect an appeal from the SEC. If this happens, it could negatively impact the price of XRP, leading to a downtrend. In such a case, the altcoin’s gains from last month could quickly be wiped out.

XRP is currently trading at $0.6253 and has risen by 31.52% in the last 30 days.

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XRP Accumulation: Key Sharks And Whales Group Hits All-Time High Holdings

On-chain data shows a key XRP sharks and whales group has been accumulating recently, a sign that could be positive for the asset’s price.

XRP Whales And Sharks With 1M-10M Tokens Now Hold All-Time High Supply

As per data from the analytics firm Santiment, 7.23% of the total XRP supply is now held by this key investor group. The relevant indicator here is the “Supply Distribution,” which tells us how the total supply is distributed across the different wallet groups in the market right now.

These “wallet groups” are bands that define ranges between which the number of coins held by wallets belonging to a particular group lies in. For example, the “100-1,000 coins” group includes all addresses that are holding at least 100 and at most 1,000 XRP tokens.

The Supply Distribution metric has two versions; one shows the number of wallets (or more simply, the number of holders) belonging to each cohort, while the other measures the supply percentages contributed by each group. Now, here is a chart that shows data for both these Supply Distribution metrics for the 1M-10M coins band:

XRP Whales And Sharks Accumulation

The 1M-10M coins band is an important cohort for XRP as it includes both sharks and whales. Though, the largest whales aren’t included in this group, as the upper level of the band is just 10 million tokens, which is worth around $3.4 million at the current exchange rate.

From the graph, it’s apparent that the number of investors belonging to this key group has gone up recently, and the metric’s value now stands at 1,617, which is an all-time high. The percentage of the total XRP supply held by this cohort has observed an even sharper uptrend this month, as these sharks and whales now account for around 7.23% of the total tokens in circulation, which is also a new record.

It would appear that these whales and sharks are looking to end the year 2022 with some heavy XRP accumulation, something that is likely to have a bullish effect on the crypto’s price in the long term.

XRP Price

At the time of writing, XRP’s price floats around $0.34, down 12% in the last week. Over the past month, the crypto has lost 5% in value.

The below chart shows the trend in the price of the coin over the last five days.

XRP Price Chart

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Whale Accumulation Paints Bullish Picture For XRP

XRP whales have taken advantage of the price decline recorded in the crypto market to fill up their bags. These large investors have been rapidly buying up the tokens and increasing the percentage of supply they hold. In the last month, the holdings of these large whales have seen a significant uptick, sending their cumulative total holdings to one of the highest it has ever been.

Gobbling Up The Coins

Data from Santiment shows that the holdings of XRP whales with 100,000 to 10 million coins on their balances have jumped more than 6% in the last five weeks. These whales had held around 11% of the total XRP supply in mid-November following the crash of the FTX crypto exchange. But since then, they have increased their holdings by millions.

Presently, the total percentage of supply held by these large whales is hovering around 18%. The chart below shows a clear uptrend in the last month where the holdings of these whales have increased, especially those holding between 1 million to 10 million coins.

XRP whales

The same trend is also seen among wallets holding above 10 million coins. These wallets now hold a larger majority of the total supply at 71.67%, up from the 70.8% recorded in mid-November. So in total, addresses holding 100,000 coins and above now command around 90% of the total XRP supply.

Will XRP Rally From Here?

XRP’s price is currently moving in tandem with the crypto market which is still feeling the effects of Wednesday’s FOMC announcement. However, this clear accumulation trend among XRP whales could hint at a possible decoupling of the digital asset’s price from the broader crypto market, leading to a rally.

XRP price chart from TradingView.com

With prices so low, a lot of investors are not looking to sell their coins, but rather are investing for the long term. If the available supply continues to go to investors who are long-term holders, then such demand could result in a supply squeeze. 

The Santiment data also shows accumulation even among smaller addresses, so it is possible that XRP would test the $0.4 resistance level before the week is over. The low volatility associated with weekend markets could get in the way of XRP’s rally but it could also be a blessing in disguise to help the cryptocurrency hold any gains it may register between Thursday and Friday.

XRP is trading at $0.38 at the time of this writing. It remains the sixth largest cryptocurrency with a market cap of approximately $19.2 billion.

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XRP Whales Boost Accumulation Appetite, Register 2-Month Peak Holding Supply

The total supply of XRP circulating in the market is now at 48.3 billion from the total XRP supply of 100 billion. XRP whales currently hold from 1 million to 10 million XRPs and are on a massive hoarding spree with an uptick in supply stretching out to a two-month high.

These active XRP whales currently chalked up over 6.12% of the total XRP. Despite the collapse of the crypto market, Ripple whales have resurfaced to be increasingly daring and active.  

According to Santiment, “XRP Network whales holding between 1M and 10M $XRP have collectively been accumulating, and now hold their highest percentage of the asset’s supply in 2 months.” This is the most active tier of non-exchange holders who are currently keeping 6.12% of all $XRP.

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XRP Trades At $0.40; Now Sixth Largest Crypto

XRP, Ripple’s cryptocurrency, has adjusted more than 50% in the last two months, with the crypto market going on a downward spiral. The crypto is currently the sixth largest digital asset by market cap and is trading at $0.40.

Brad Garlinghouse, Ripple CEO, attended the World Economic Forum held in Davos, Switzerland, and expressed the possibility of launching an initial public offering (IPO).

The plan’s all set once they have put the lid on the legal dispute with the U.S. Securities and Exchange Commission (SEC).

Ripple is very optimistic about the legal battle they have with the SEC, which has been going on for 155 months. The commission has been dragging this lawsuit for the longest time.

Ripple has been accused of selling securities that aren’t registered and XRP tokens, but they are firm with their stance in the courts. Industry experts are optimistic that everything will turn in Ripple’s favor.

XRP total market cap at $19.11 billion on the weekend chart | Source: TradingView.com
Ripple Soldiers On

Despite the headaches of the regulatory proceedings, Ripple soldiers on in the international market. XRP has dipped by nearly 90% from its all-time high values but forges on.

Quarter 1 of 2022 revealed XRP cross-border payments of $8 billion, dubbed eight times larger when compared to the liquidity settlement in Q1 of 2021.

By looking at the trading action performed since the beginning of 2022, it’s apparent that XRP whales have been amassing or hoarding XRPs by purchasing at a discounted price.

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The SEC has informed the court of their intent to file for the opposition in response to the amicus request by the XRP holders, wherein they requested a time extension to June 7 in light of the incoming holidays and other deadlines.

The application filed by John Deaton, attorney of the XRP holders and founder of CryptoLaw, was dismissed in favor of the commission.

Meanwhile, more than six crypto holders were given the amici status, which allows them the privilege to assist the court.

Featured image from The Daily Hodl, chart from TradingView.com