Analyst Ali Martinez has revealed that major cryptocurrency investors, known as whales, acquired 520 million XRP during a significant market price drop.
520 Million XRP Bought in Days
According to analysts, XRP, the fourth largest digital currency, dropped by approximately 13.45% between February 4 and 6. During this time, whales actively purchased, accumulating around 520 million XRP. This amount is currently valued at $1,257,058,739 in fiat currency. Notably, the day before, whales sold a substantial portion of their XRP holdings, as shown by on-chain aggregator data. In his tweet, the analyst shared a chart highlighting whale activity.
32 Million XRP Sent to Bitstamp
According to renowned blockchain tracker Whale Alert, an unknown wallet transferred 32,079,955 XRP, equivalent to $77,660,044, to the major exchange Bitstamp. This transaction drew attention due to its large size. Whale Alert noted that this wallet was linked to BitGo, one of the largest crypto exchanges and custodians in the U.S.
Who Owns the Transaction Wallet?
Information from the XRP-focused analytics platform Bithomp suggests that the wallet initiating the transaction to Bitstamp belongs to the same organization as BitGo, the second most significant custodian in the United States.
Whales continue to influence the market, using dips to accumulate assets. Their actions underscore the importance of monitoring on-chain data to assess market conditions.
