What Are Ripple Whales Doing During This XRP Price Dip?

TL;DR

• Are Ripple whales buying or selling during the most recent price decline of the underlying token that took it to just over $3?
• What’s next for the third-largest cryptocurrency, as it seems to be consolidating within a tight range?

https://twitter.com/ali_charts/status/1956348400129241321?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank” rel=”nofollow noopener

Whales are among the most significant players in the cryptocurrency markets, as their moves are usually substantial and impactful. After all, they have the ability to shake the underlying assets with massive purchases or sales.

XRP investors could be hopeful in this regard as Ripple whales seem to be determined to acquire as much of the token’s circulating supply as possible, according to the most recent data.

As Ali Martinez shared, they accumulated over $360 million worth of XRP during the most recent dip. However, that’s not all, as they have been on a buying spree for the past few weeks. As reported before, they had purchased another 320 million XRP (valued at roughly $1 billion) in the span of just three days.

Such substantial acquisitions not only reduce the circulating supply but could also serve as an example to smaller investors that might follow suit and jump on the XRP bandwagon.

The price of Ripple’s token has calmed in the past few weeks after going through an explosive July. At the time, it soared from under $2.30 to mark a new all-time high in the middle of the month at over $3.65 before it slumped back down toward $2.70.

However, the past ten days or so have been less volatile as XRP has found itself in a tight range between $3.00 and $3.30. It tested the lower boundary on a couple of occasions in the past 36 hours, but the bulls stepped up and managed to defend it.

According to Martinez, the upper boundary is at $3.26, and a break above it could send the asset flying to a new all-time high of $3.90.

https://twitter.com/ali_charts/status/1956420626119291224?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank” rel=”nofollow noopener

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