XRP whales appear to be increasingly bullish on the crypto asset despite an underwhelming performance.
The latest data by crypto analyst Ali Martinez shows a significant accumulation phase brewing for XRP.
On-chain data by Santiment reveals that over the past week, these whales have acquired approximately 11 million XRP, equivalent to $6.82 million. This development unfolded as XRP’s price experienced a downtrend, causing its monthly gains to hover just above 11%.
- Currently priced at $0.60, XRP has been trailing behind other cryptocurrencies in the market.
- The accumulation trend points toward an underlying bullish sentiment among some investors, defying the prevailing market sentiment.
- However, not all whales share this optimism. One whale, in particular, recently executed massive transfers of XRP to two centralized exchanges, Bitstamp and Bitso, on November 23rd.
- In the first transaction, the unidentified wallet moved 25.20 million XRP to Bitstamp, with a market value exceeding $15.66 million.
- Similarly, the same wallet conducted a second transaction, transferring 25 million XRP to Bitso, valued at around $15.55 million. These transactions, which attracted significant attention from traders and investors, indicate a divergence in sentiment among whales.
- Whale Alert, a blockchain tracking platform, reported yet another substantial transfer by the same whale on Monday, during which an additional 25.5 million XRP, equivalent to $15.722 million, was sent to Bitstamp.
- Interestingly, these massive XRP transfers to Luxembourg-based digital asset exchange align with the recent decline in XRP’s price.
- The transfer of substantial XRP amounts onto exchanges typically signals an increase in supply, potentially leading to diminished demand and subsequently a pullback for the crypto asset.