The price of XRP has tumbled significantly over the last few days, at one point being down over 12% within a single week, a time in which large cryptocurrency investors, colloquially known as whales, bought the dip, accumulating over 360 million tokens.
These crypto whales, which in this case are those holding between 10 million and 100 million XRP tokens, accumulated the tokens after its price dipped, according to popular cryptocurrency analyst Ali Martinez, who pointed to the accumulation using data from crypto analytics firm Santiment.
Just five days ago, on June 23, the combined balance of these whale addresses was of 4.5 billion XRP tokens, while data shared by Martinez shows an increase to 4.86 billion XRP. The total accumulation from these whales, of 360 million tokens, is valued at around $172 million at the time of writing.
This isn’t the first time this year whales on the XRP Ledger accumulated during a downturn. As CryptoGlobe reported, back in March data from Santiment showed there were 50 new whale addresses on the XRP Ledger holding between 10 million and 100 million XRP.
At the time, whales took advantage of a dip to accumulate 420 million new tokens worth $155 million over a month, in an accumulation trend that suggested whales were getting ready for a large price movement.
Notably, a discernible pattern in the activity of daily active addresses might indicate that the native token of the $XRP Ledger, XRP, is setting the stage for a significant price pump. The pattern has seemingly been spotted on multiple occasions in the past, leading to notable spikes.
According to Martinez, the last three XRP price pumps were preceded by notable spikes in the asset’s address activity. Per the data the analyst shared, XRP saw a significant increase in daily active addresses on January 6, 7, and 11 when it was trading slightly above the $0.3 mark. These observable spikes in daily address activity were immediately followed by a substantial increase in the value of XRP.
Over the last few days, as Ali highlights, XRP has seen the number of daily active addresses remain above the 130,000 mark, which suggests that, based on its historical pattern, its price could soon surge.
Featured image via Pixabay.
