The XRP whales are going against the trend of the overall crypto market, which is characterized by the selling of large BTC and ETH investors. Whales accumulated nearly $72M in XRP tokens during the last few days. The accumulation is contrasted by the heavy distribution of both BTC and ETH as both assets are in the midst of selling.
XRP Whales Buy As Bitcoin & Ethereum Holders Sell
Bitcoin whales are now selling some of their holdings that drop their total by over 34,000 BTC in the last week, which is about $2.6 billion. The sale coincided with the price of Bitcoin falling from $79,000 down to $73,000 or less. The trend has been emphasized by Ali Martinez who said, "Bitcoin whales are selling into the downturn."
https://twitter.com/alicharts/status/2120298814053446118
The accompanying BTC holdings chart displays a steady decrease in whale's supply that is currently in the range of 5.28 million BTC down to 5.24 million BTC. This is a sign that big investors have been pulling out of the market during the recent sell-off.
Ethereum whales are also doing some giving away, albeit at a slower pace. The largest wallets have dumped about 17,800 ETH worth about $40 million in the past week. It has indicated that whale-held supply is moving downwards from approximately 25.8 mil ETH to 25.7 mil ETH in its chart.
But in the case of XRP, it's a different story. A lot of the whales have been purchasing it and its supply has risen from around 3.90 billion to 4.00 billion XRP.
https://twitter.com/alicharts/status/2120298822131994628
According to analyst Ali Martinez, whale wallets have bought about 65.32 million worth of XRP. This stash equals nearly $72 million worth of tokens, over the last four days
XRP Price Chart Points to Potential 13% Rebound
Meanwhile, Ali Martinez has spotted a possible recovery pattern on the four-hour price chart of XRP. The analyst said that XRP was at the bottom of the declining channel that was moving its price over the last month.
https://twitter.com/alicharts/status/2119511521843610105
XRP is in a downtrend that is formed by a series of higher highs and lower lows. The sell-off pushed the token down closer to the lower trendline of the channel, and XRP was trading at almost $1.16.
Ali Martinez wrote, "If $1.14 holds as support, XRP could rebound toward the channel’s upper boundary at $1.30."
A recovery to $1.30 would be a potential 13% distance from those levels that were used by the analyst in their previous assessment. But the $1.14 support level is still key for the rebound scenario.
