Ripple whales are on an unprecedented accumulation. They have bought nearly $1 billion worth of XRP tokens in less than three months.
Whales celebrate
Analysis firm Santiment has been monitoring the activity of XRP whales for the past two months. This research shows that the whales have purchased nearly $1 billion worth of tokens in just three months. In the report, Santiment also noted that the balances of these whale addresses have risen by as much as 76% in the past two months.
During the two-month period, major whales bought 897 million XRP tokens. The value of this amount of coins is estimated at $712 million. This accumulation of whales is the second largest on record, data shows. The largest accumulation occurred in November 2020, accumulating a whopping 1.29 billion XRP.
The recent accumulation of XRP whales comes at a time when the coin is stuck around a price area below $1. Currently, XRP is trading at a price of $0.64. That’s 81% below its all-time high of $3.40.
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The huge influence of crypto whales
Whales’ activities in the market are closely monitored by analysts and investors. These whales (big investors) have huge influences and have played an important role in the growth of the crypto markets.
Following the dip in crypto prices following the highs of the last quarter of 2021, whales have taken advantage of the dip to increase their positions. A report claims that the number of Bitcoin addresses with 1,000 Bitcoin or more has reached an all-time high of over 2,334. The increasing activity of whales is keeping retail investors wary.