- Crypto whales have accumulated 1.1 billion XRP since February 2023.
- XRP holders are leveraging periods of decline to increase their holdings.
- Increased accumulation by whales could signal a potential uptrend.
Prominent Twitter crypto strategist posted a significant accumulation of XRP by crypto whales. According to data from Santiment, these whales have amassed up to 1.1 billion XRP, equivalent to $570 million, since February 2023. This trend suggests that XRP holders are taking advantage of the coin’s low price, anticipating a notable turnaround once the ongoing lawsuit in favor of Ripple.
This accumulation strategy is not new. In late June, after a 12% crash in XRP’s price, whales scooped up an additional 360 million XRP, worth $170 million. Such increased accumulation is typically seen as a positive signal that could lead to an uptrend.
A similar scenario unfolded in late 2020, sparking a significant rally for the XRP/USD pair. However, this was later disrupted by the SEC lawsuit in December 2020. Despite this setback, many view this as a historical precedent that could repeat itself in the long run.
Predictions for XRP have been generally bullish in recent months. Many analysts and crypto proponents believe that the outcome of the ongoing lawsuit between Ripple and the U.S. SEC will significantly influence XRP’s future price. As the crypto market continues to evolve, XRP’s potential for growth is undeniable, making it a promising prospect in the crypto space.
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