Ripple’s whale activity has intensified again as major holders continue accumulating millions of XRP tokens. Despite these massive purchases, the cryptocurrency’s price has yet to reflect this bullish behavior.
$180 Million Whale Buy Strengthens Market Pressure
From a USD perspective, whales recently added XRP worth over $180 million. This aggressive buying spree has significantly increased market pressure over the past month. In early July, whales accumulated 2.2 billion tokens in just two weeks, fueling a strong rally that pushed XRP to a new all-time high of over $3.60.
However, the momentum quickly faded. Following the surge, XRP slumped below $3 after market fear spread due to a suspicious Upbit transfer and reports that one of Ripple’s co-founders sold $140 million worth of tokens. In response, whales capitalized on the dip, purchasing an additional 130 million XRP within 24 hours as the asset broke below the key $3 support level.
Reduced Supply May Attract Retail Investors
These continuous whale acquisitions reduce the circulating supply of XRP, potentially setting up a tighter market in the future. Analysts suggest that retail investors might follow the lead of these large holders, adding further buying pressure.
Related article: XRP Price Surge Sparks Massive Whale Activity and $53M Transfers
Despite sustained accumulation, XRP’s price has not recovered. The asset currently trades below a critical support level at $3.15 after losing 10% in value over the past week. Market analyst Ali Martinez warned that if this support fails to hold, XRP could slide further toward the $3 mark.
Whales continue to show confidence in XRP by steadily increasing their holdings. Nevertheless, the broader market has yet to react positively. Whether these accumulations will soon translate into upward price action remains uncertain as XRP faces strong selling pressure near its current support.
