In the recent market crash, Ripple whales purchased over 100 million XRP, which is good news for its native cryptocurrency XRP.
During the market downturn, Ripple whales decided to purchase the token in large quantities, attracting widespread attention from global investors. On Wednesday, on-chain data published by a top cryptocurrency analyst showed that whales had purchased over 100 million XRP through exchanges amid the recent market crash. In response, the market generally believes that the Altcoin will further appreciate given the astonishing purchase volume.
Market downturn triggers optimism, Ripple whales snap up 100 million XRP
According to a post by top cryptocurrency analyst Ali Martinez on X, as of December 11, Ripple whales purchased over 100 million tokens during the market crash. This remarkable purchase has paved the way for a bullish outlook on the cryptocurrency, highlighting the increase in market interest.
In the background, the whales' behavior reflects the sentiment of buying the dip in the cryptocurrency market during the recent crash. CoinGape Media reported that Altcoins bore the brunt of the intensified cryptocurrency liquidations, with liquidation values exceeding $1.76 billion. The increase in liquidations led to the market crash, consistent with the whales' recent buy-the-dip behavior.
Additionally, another on-chain indicator has also sparked vastly different views on the future trajectory of cryptocurrencies. Over the past 30 days, whales have transferred over 26.6 billion XRP to Binance, raising concerns as the exchange's supply increases. In summary, the buying and selling on exchanges has created uncertainty, becoming a noteworthy XRP news on the market.
What's next for the token?
The XRP price rose 6% intraday today, currently at $2.369. Its 24-hour low and high were $1.912 and $2.411, respectively. Notably, the token appears to be recovering amid strengthening buying power after recently falling back to the $1 level.
Additionally, a recent XRP price analysis by CoinGape Media suggests a bullish technical outlook, indicating the potential for a significant upswing. Ripple has broken out of a bullish pennant or flag formation that has persisted for eight years, signaling the potential for a substantial rally.
Furthermore, Ripple Labs has received NYDFS approval for the RLUSD stablecoin, adding an optimistic note to the company's cryptocurrency business in the United States. As Ripple whales' activity and the ecosystem's development continue, market observers remain focused on further price changes of the token.
