Ripple Whales Buys 120M XRP During Recent Market Pullback

by

As a seasoned researcher with years of experience in the crypto market, I can confidently say that the recent whale activity buying 120 million XRP during a dip is not only exciting but also reassuring for smaller investors like myself. Whales often have a significant impact on market sentiment and their large purchases can help prevent further price drops. This buying spree, coupled with Ripple CEO Brad Garlinghouse’s upcoming interview with 60 Minutes, adds to the optimism in the crypto space.

In simpler terms, large investors (known as Ripple whales) have been actively purchasing Ripple (XRP) tokens in large quantities during a recent market downturn. Over the past 24 hours, they acquired approximately 120 million XRP tokens, which is currently valued at around $288 million. This information was highlighted by crypto analyst Ali Martinez and shared on various platforms, suggesting that these whales are benefiting from Ripple’s price decrease.

Through a tweet, Martinez affirmed “Whales have taken advantage of the drop in price by acquiring approximately 120 million #XRP, amounting to $288 million!.” This substantial investment has sparked enthusiasm among traders, as they interpret it as a potential indicator that the price could rebound even more robustly.

Market analysts believe that the large investors (whales) purchasing XRP could maintain price stability, reflecting their confidence in XRP’s long-term potential. Following a surge to $2.9 due to market optimism, a sudden drop has left some investors pondering its immediate direction.

Yet, even though it may seem like whales are on a shopping spree, this behavior offers a glimmer of optimism. They do this by investing heavily when the market dips, which can help halt any further price drops. This action not only instills confidence in smaller investors but also keeps the overall atmosphere positive.

As a crypto investor, I’m eagerly anticipating Brad Garlinghouse’s upcoming interview with 60 Minutes, set to air on December 8. The discussion is centered around Ripple’s ongoing quest for regulatory clarity in the United States, which I believe could have significant implications for our investments in this space.

On my social media platform, I shared that the discussion I had with 60 Minutes on the quest for regulatory transparency within U.S. cryptocurrency will be aired live this coming Sunday.

Meanwhile, the announcement that Gary Gensler is leaving his position is causing quite a buzz in the cryptocurrency world, boosting market enthusiasm. Previous reports suggest that Paul Atkins has been chosen by Trump to succeed Gensler under his administration, with this change set to occur on January 20, coinciding with Trump’s inauguration day.

Currently, XRP is being exchanged for approximately $2.47, marking a 6.5% increase over the past 24 hours. However, its trading volume has seen a minor decrease of 10% to $12 billion within that same period. On a positive note, the open interest in XRP futures contracts has risen by 6%, amounting to $3.74 billion.

Read More

2024-12-07 19:49