The recent accumulation of XRP by whales has caught the attention of analysts and investors amidst market instability. From July 5 to 15, whales acquired 280 million XRP.
Active Whale Purchases
Whale activity in the market has been remarkable: between July 5 and July 15, they accumulated around 280 million XRP, representing approximately 0.56% of its circulating supply. This occurred amid a sharp price decline, sparking speculation about institutional confidence versus potential sell-side manipulation.
Institutional Confidence Amid Instability
Analysts note that whales were purchasing XRP while retail traders faced over $594 million in liquidations. This indicates a divergence between long-term holders and panic sellers. Whale activity can be viewed as a strategy to buy on dips, anticipating future price increases driven by fundamental factors such as ETF approvals and regulatory clarity.
Weak On-Chain Metrics but Growing Confidence
Despite heavy accumulation, XRP's on-chain activity weakened significantly by July 24, with new user growth falling to 1,899 and daily transactions dropping to 286,000, well below mid-July levels. The Network Value to Transactions (NVT) ratio now sits at around 699, which many analysts regard as overvaluation in relation to utility. Nevertheless, the behavior of whales signals their confidence in XRP's medium-term trajectory.
The accumulation of 280 million XRP in just 10 days reflects strategic institutional conviction amidst broader uncertainty. Although on-chain metrics are cooling and technical indicators are mixed, whale behavior reveals confidence in XRP's medium-term outlook.
