Whales Acquire 50 Million XRP in Just 48 Hours – What’s Next?
Highlights:
- Whale acquired 50 million XRP in just two days, underscoring belief in the token’s appreciation prospect.
- XRP’s price remained relatively stable despite accumulations.
- XRP could witness more dumpings because of a renowned influencer reaction to Ripple’s co-founder’s $1 million support for Harris’s campaign.
In a recent tweet, renowned chartist Ali Martinez called his over 73K followers’ attention to an XRP accumulation trend. According to the expert, whales have procured a whopping 50 million XRP in just 48 hours. As usual, the accumulation trend signifies faith in XRP’s expansion potential amid uncertainties around the token’s future.
#Ripple whales have bought over 40 million $XRP in the past 48 hours! pic.twitter.com/o6TPGV2WiF
— Ali (@ali_charts) October 12, 2024
For context, Ripple, XRP’s number one distributors, and the United States Securities and Exchange Commission (SEC) have been engaging in back-and-forth court battles. Consequently, XRP has struggled to register any significant price expansion.
XRP’s perceived market stagnancy following its entanglement with the SEC seems a sufficient reason to scare off investors. However, the reverse has remained the case, evidenced by Ali Martinez’s recent report.
XRP Record Slight Upswing Despite Massive Accumulations
At the time of writing, XRP is changing hands at approximately $0.54, mirroring a subtle 0.6% upswing in the past 24 hours. In its 1-day-to-date minimum and maximum limits, XRP reflected prices ranging between $0.5356 and $0.5428. In its 7-day-to-date data, the cross-border token recorded a 1.9% spike, with price extremes ranging between $0.5226 and $0.544
The past 24-hour and 7-day price limits spotlighted above imply stability in XRP’s price actions. Therefore, it invariably suggests that the token might remain trapped around the $0.5 region for an extended period pending a spontaneous events turnaround like a complete victory in Ripple’s court case with the SEC.
Meanwhile, in XRP’s other extended period price change variables, the token saw a considerable drop in momentum. For context, in the past 14 and 30 days, XRP recorded price drops of about 12.7% and 3.3%, respectively.
Other contributory market statistics revealed that XRP is the seventh most valuable cryptocurrency, with about $30.63 billion in market capitalization. Its 24-hour trading volume displayed a significant 40.24% decline with a $620.66 million valuation.
Dumping Actions on the Rise Despite Remarkable XRP Procurements
Other than the accumulation sprees captured by Ali Martinez, an on-chain crypto transactions tracker, Whale Alert captured several dumping actions by whales. Within the same time frame that accounted for the 50 million accumulated XRP, some whales were actively depositing the token into exchanges.
Notedly, one of such tweets disclosed that an unknown wallet triggered the transfer of 52 million XRP worth approximately $27.8 million to Bybit. Interestingly, a different tweet revealed that another anonymous wallet address moved 29.56 million XRP valued at about $15.62 million to Bitso. Aside from these two exchange dumpings, several other transactions happened within the week. However, this insight will only focus on transfers in the past two days.
🚨 29,560,000 #XRP (15,621,307 USD) transferred from unknown wallet to #Bitsohttps://t.co/Hn0M3cmjpj
— Whale Alert (@whale_alert) October 10, 2024
More Woes for XRP as Influencer Reacts to Larsen’s $1M Support for Harris
It is no longer news that Ripple’s co-founder, Chris Larsen, donated about $1 million in XRP to support Kamala Harris’s campaign. The co-founder’s gesture did not go well with MartyParty, an outspoken crypto influencer with over 118K X followers.
Reacting to the donation, he urged his followers to dump their XRP holdings, as he faulted Larsen’s reason for donating such an amount to support Harris’s campaign. Several X users took to the comments section of MartyParty’s, asserting support for his claims. Conversely, some envisaged the gesture as a political move to escape court obligations if Harris wins at the polls.
#Ripple co-founder donates $1 million in $XRP to the #Harris campaign. Thats all I need to know about $XRP.
Dump it.
"With Kamala Harris in the White House, the business community can be confident that it will have a President who wants American industries to thrive." -…
— MartyParty (@martypartymusic) October 12, 2024
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Chinedu Agbakwusi
Chinedu Agbakwusi is a news writer and editor for Crypto2Community. He is a crypto enthusiast with vast experience across several crypto-related projects and platforms. Chinedu has been following the development of the crypto market for several years, and he is optimistic about its potential to democratise the global financial system. He hopes to be a reliable plug for reporting trends and breaking down complex concepts to his readers. Agbakwusi's previously written for several crypto news including Times Tabloid, UPay, while also contributing over the years to many others leading media publications.
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