Large XRP Holders Accumulated 900 Million Tokens Over Past Month Despite Headwinds

Summary

• Significant Whale Accumulation: Large XRP holders (accounts with >10M XRP) reportedly purchased approximately 900 million tokens over the past month, according to analysis shared by Ali Martinez.

• Buying Amidst Market Headwinds: This accumulation occurred despite recent negative events for XRP, including a failed attempt to break the $2.30 resistance level, an SEC delay on an XRP ETF decision, and a rise in short positions.

• Mixed Signals Remain: While overall accumulation was observed, conflicting signals like a large XRP transfer to an exchange (potentially preceding a sell-off) and a possible flattening of whale demand towards the end of the period suggest caution is warranted regarding sustained bullish sentiment.

Significant Whale Buying Activity Identified

Analysis suggests substantial buying activity occurred among major XRP holders in the preceding month, even as the token faced several recent market difficulties.

Cryptocurrency technical analyst Ali Martinez highlighted in a May 2 social media post that accounts holding upwards of 10 million XRP collectively added approximately 900 million tokens to their positions during this period.

Market Context and Recent Challenges

This pattern of accumulation by large entities emerged amidst a challenging week for XRP.

The cryptocurrency encountered resistance during attempts to break past the $2.30 price point on April 28 and April 29, ultimately failing to sustain higher levels.

Sentiment was further dampened by the U.S. Securities and Exchange Commission (SEC) delaying its decision on the spot XRP exchange-traded fund (ETF) application submitted by Franklin Templeton.

Further signs of caution in the market included the ratio of XRP short positions climbing to a one-month high on April 30.

On a potentially more constructive note, XRP did manage to successfully defend the $2.20 support level during a brief test, quickly rebounding.

At the time of the original report, XRP traded around $2.22, marking a slight 0.55% decrease over the prior 24-hour period.

Counter-Signals and Whale Divergence

The data on whale activity presents some nuances.

While the overall trend indicated increased buying from large accounts, not all signals pointed in the same direction.

A notable transaction on April 28 involved one large holder moving 29,532,534 XRP, worth roughly $68.7 million at the time, onto the Coinbase exchange.

Transfers of this magnitude to exchanges are frequently interpreted as precursors to potential selling pressure.

Potential Slowdown in Accumulation

Furthermore, Martinez’s analysis indicated that the pronounced whale accumulation trend observed seemed to plateau around April 29.

This suggests the recent surge in buying interest from these large accounts might have cooled off towards the end of the observed period.

Therefore, while the month saw significant accumulation, recent data points warrant a cautious interpretation of ongoing whale sentiment.

Also Read: Trump’s 2025 Tax Plan Could Rally XRP 1000% Analyst Says

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