Whales Are Accumulating XRP and ARB Amid Crypto Market Indecision

Whales are accumulating popular coins, specifically XRP and ARB.
XLM is also surging at a similar weekly gain to XRP, outperforming most top assets.
BTC and ETH are stuck at critical support levels and have yet to show a bullish move.

It may indeed be the start of the bull run for the crypto market, as the accumulation game for some blue chip coins is already starting among the whales despite an indecisive market.

According to on-chain tracking platform Lookonchain, whales have started buying and withdrawing millions of dollars worth of XRP (XRP) and Arbitrum (ARB) from exchanges such as Binance. One whale withdrew a total of 2 million XRP, worth around $1.66 billion today, from Binance.

ARB is even better, as one whale has withdrawn $11 million worth of ARB from Binance in a span of two days.

Meanwhile, Bitcoin (BTC) and Ethereum (ETH) are still stuck in a tug-of-war between the bulls and the bears. Specifically, BTC is barely able to keep its footing at $30,000 while ETH is still at $1.9K.

Aside from the above-mentioned coins, another crypto worth mentioning is Stellar (XLM), which is on a 22% overnight surge, catapulting its price to $0.168 per coin, as of the time of writing. This translates to a 7-day rally of 74.4%, akin to XRP.

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As to what is causing XLM’s rally, there isn’t anyone who could provide some solid fundamentals. However, it should be noted that Stellar was founded by Jed McCaleb, one of Ripple’s founders before he left the company and formed his own.

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Jesus Dawal

Jesus Dawal Jr covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.