Ripple’s XRP, the world’s fifth-largest cryptocurrency, is of particular interest among large investors, known as whales. The recent movement in the cryptocurrency market, marked by sharp drops in the value of several coins, including XRP, appears to have been a golden opportunity for these investors.
Ali Martinez, a renowned crypto analyst, shared valuable insights into the recent behavior of XRP on a well-known social media platform. Martinez’s observations reveal an intriguing trend: despite an 18% drop in the price of XRP over the past 10 days, there has been a significant increase in whale holdings. This suggests a strategy of accumulation during the dip, with whales betting on a future recovery.
#Ripple | Despite $XRP‘s 18% price drop over the past 10 days, there’s a notable uptick in whale transactions and their holdings. This growing interest from major players could be a precursor to a #XRP price rebound. pic.twitter.com/bpYZjCce1K
— Ali (@ali_charts) November 17, 2023
This trend is particularly notable after Ripple scored a major legal victory against the US Securities and Exchange Commission in July. Since then, XRP has struggled to sustain consistent growth. However, the increase in whale activity, combined with the recent drop in prices, indicates strong buying sentiment among these large-cap investors.
The whales’ buy-dip strategy suggests an expectation of short- and medium-term growth for XRP. If this accumulation trend continues, it is possible that Ripple’s cross-border payments token will enter a phase of exponential growth, offering a promising scenario for XRP holders.
The movement of whales in the XRP market offers a window into understanding expectations for the recovery and future growth of the XRP cryptocurrency. The confidence of these large investors can be an important signal to other market participants, from newbies to the most experienced.
At the time of publication, the price of XRP was listed at US$0.6134, up 1% in the last 24 hours.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.