Whales and Institutions Fuel XRP Price Recovery Hopes
Ripple's XRP token has been experiencing mixed sentiments over the past few days after dipping to its lowest level since November 2024, briefly trading below $1. However, this price dip did not go unnoticed by whales and institutional investors.
Whales bought a substantial amount of XRP tokens in a single day, with over 72 million tokens purchased on August 12 alone. This aggressive buying from whales hints at potential price recovery.
The institutional backing for the ongoing whale accumulation is evident as XRP ETF inflows turned positive after four days of inactivity. The Bitwise XRP ETF accounted for $2.25 million in daily net inflow, with a cumulative net inflow of $512 million.
Even with these inflows turning positive, the products only account for 1.49% of XRP's market cap. Despite this, Morgan Stanley revealed their $1 million XRP exposure through XRP ETF positions issued by Franklin, Bitwise, and Rex-Osprey.