XRP Whales Go on Major Accumulation Spree, Price Revival Incoming?
The broader digital currency ecosystem is on a mild bullish rampage today, and XRP whales are positively riding the trend. According to insights from top market analyst Ali Martinez, Ripple whales have been on an accumulation spree in the past seven days where they have accumulated more than 360,000,000 XRP coins, which, when valued at today’s price, is worth over $223 million.
#Ripple whales have bought around 360 million $XRP over the past week, worth roughly $223 million! pic.twitter.com/VKmRowPwbo
— Ali (@ali_charts) December 22, 2023
The XRP accumulation underscores the attractiveness of the digital currency to both retail investors and market whales. At the time of writing, the price of XRP is pegged at $0.6172, down by 0.67% after losing the gains it accrued from earlier in the day. Of this, the total accumulation as measured by the coin’s trading volume is pegged at $1,002,305,666.
With the retail pull having little impact on the price of XRP, the responsibility to affect a revival is now hinged on the market whales. Luckily, the observed accumulation trend according to the charts shared by Ali Martinez is a trend that may be sustained into the near future.
While the accumulation has some fluctuations, whale buyers can help sustain prices and set the stage for any impending buy-ups in the near future.
XRP attractiveness growing
Besides the regular price slumps, XRP has attractive utility that is bound to bolster its use case in the near term. XRP’s use as a settlement token is now more enhanced through RippleNET and on-demand liquidity (ODL) solutions from its affiliated American blockchain payments company Ripple Labs Inc.
In addition, the growing adoption of XRP Ledger (XRPL) through Evernode and Xahau sidechains has also contributed to the growing relevance of the digital currency. The Evernode airdrop and the burning of XRP to XAH have the potential to help boost the resurgence of the coin due to the scarcity they will introduce.