XRP Whales Lead Aggressive Dip Buying, Acquire 1.15 Billion XRP in 11 Days

The largest XRP whales appear to be taking advantage of the recent price pullback, having accumulated 1.15 billion XRP in the past few days.

After soaring to a high above $1.51 on April 17 on the back of a broader market recovery push, XRP faced resistance at this level and has since continued to correct. Interestingly, whales holding at least 10 million XRP have leveraged this opportunity to amass 1.15 billion XRP.

Key Points

• The XRP price has corrected nearly 10% from its April 17 peak of $1.51 as buying momentum weakens.
• Some of the largest XRP whales have taken advantage of the price dip to amass 1.15 billion tokens in 11 days.
• Whales holding 10 million to 100 million XRP have accumulated 420 million tokens within this period.
• Addresses with at least 1 billion XRP have added 730 million tokens to their balance.

XRP Facing Renewed Selling Pressure

Data from Santiment, a leading market intelligence resource, confirms this recent trend, which has persisted alongside renewed selling pressure in the broader crypto market.

Notably, XRP had leveraged the bullish momentum from earlier in the month, when Bitcoin (BTC) recovered from the $70,000 low on April 12. The XRP price staged a similar relief bounce, jumping from $1.35 to a high of $1.51 by April 17. This marked a 1-month peak for XRP, which had spent late March and early April under pressure.

However, after XRP faced resistance at $1.51, a pullback ensued, coinciding with a decline in the broader market’s bullish momentum. XRP has since slumped nearly 10% from the $1.51 peak to the current price of $1.36. In the same vein, BTC has dropped 5.2% from its recent high of $79,500 to $75,400.

XRP Whales Amass 1.15B Tokens

Interestingly, while sentiments have since turned sour, some of the largest XRP whales appear to be leveraging the downward trend to accumulate more at lower prices. 

Specifically, whales holding between 10 million and 100 million XRP had a cumulative balance of 11.22 billion tokens as of April 19, two days after the pullback began. At press time, these whales now hold 11.64 billion XRP, indicating that they increased their balance by 420 million XRP worth $571 million over the last 11 days.

Meanwhile, addresses with at least 1 billion XRP had a cumulative balance of 25.51 billion tokens on April 19. Since then, they have continued to increase their stash, currently holding 26.24 billion XRP. This translates to an addition of 720 million XRP worth $979 million in less than two weeks.

While the growing balances among whales holding 10 million to 100 million XRP likely indicate genuine market demand, the increase among wallets with at least 1 billion XRP may instead point to institutional rebalancing. These large addresses are typically associated with entities such as exchanges rather than individual investors.