- Ripple’s XRP price holds strong as whales scoop vast amounts of the popular asset.
- The altcoin has been gaining a lot of popularity in recent times.
- Holders have been waiting for a parabolic pump since Ripple won against the SEC.
Expectations for altcoins to surge upwards over the coming weeks and months continue to stay strong despite the fact that the pioneer crypto asset, Bitcoin (BTC), is trading at lower prices. This is because the price of Ethereum (ETH), the pioneer altcoin asset, continues to hold the $2,000 price range. Thus, XRP holds strong as whales scoop vast amounts of the popular altcoin asset.
XRP Price Holds Strong as Whales Scoop Vast Amounts of the Altcoin
Ever since before the latest bull cycle began, the hope for altcoins to run and set parabolic new ATH prices have always been strong. Since then, several promising altcoin assets were setting up highly bullish pump signals and indicators on their respective price charts. Some of these altcoins showing highly bullish indicators were Ethereum (ETH), Cardano (ADA), and Ripple’s XRP.
Since the bull run, out of these altcoins, only ETH went on to set a new ATH price, but just barely above its previous ATH record, making the pump a very unimpressive surge. What’s more, only a handful of altcoins went on to set a new ATH record of their own as well. This means that while some assets like ADA and XRP did experience price pumps, these assets failed to reclaim their previous ATH prices.
XRP Popularity Stronger Than Ever
This was a disappointing turn of events as both Cardano and Ripple went on to set major milestones and cement bullish partnerships, and their asset holders are still waiting for the success of their blockchain’s reflect on their assets. Specifically for Ripple’s XRP, the wait for the surge has been long due to the firm’s 7-year long battle with the SEC. Since XRP missed previous bull cycle pumps, traders hope to see the asset catch up now.
As we can see from the post above XRP spot flows have surged by over 100% in the last 24-hours. In detail, XRP just recorded a massive surge of over 151% in spot flows within a day, signaling sudden large-player activity. The surge suggests capital is entering spot markets directly, often tied to accumulation or repositioning by whales. This comes as XRP remains in a broader downtrend but is starting to form higher lows, hinting at weakening selling pressure.
More interestingly, as we can see from the post above, whales have scooped up over $35 million worth of XRP in under an hour using algorithmic bots. In detail, an unidentified entity rapidly accumulated over $35 million in XRP across Coinbase, Bitstamp, and Kraken using a sophisticated trading bot. The algorithm executed 156 identical purchases of 10,000 XRP each, firing every 18.5 seconds for 48 minutes.
To elaborate, the post mentions that Coinbase accounted for $23.4 million of the accumulation, with Bitstamp and Kraken mirroring the buy pressure simultaneously. What’s more, the bot strategy avoided placing one large market order that would have caused massive slippage, instead spreading across exchanges to fill without draining localized liquidity.
