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A surprising new statistic has been released about the popular cryptocurrency XRP, and according to well-known crypto analyst Ari Martinez, major players have recently embarked on a massive buying frenzy worth hundreds of millions of dollars.
Specifically, Martinez revealed that over the past 10 days, “whales,” as they are known in the financial world as big investors, have purchased more than 380 million XRP, which is equivalent to roughly $228 million at current prices.
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As can be seen from the chart the analyst attached to his post, as of now, whales holding between 10 and 100 million XRP have accumulated 7.11 billion XRP, equivalent to roughly $4.25 billion.
By comparison, this amount represents 12.59% of the token’s circulating supply.
why?
Such a significant increase in whale buying activity may signal growing confidence among larger investors in the popular cryptocurrency’s future prospects.
As it stands, XRP is one of the few digital assets with clear regulatory status, having won in the SEC v. Ripple legal battle. This clarity, in large part equated with increased adoption that has come about thanks to the evolving network of partnerships that Ripple has entered into, provides XRP with the foundation it needs.
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On the technical side, i.e. the token’s price performance, there are also some positive signs to consider. One of them is the emergence of an inverted head-and-shoulders pattern that, if broken, above the neckline near $0.65, could bring the price of XRP to $1.
