Whales Scoop Up 600M XRP as CLARITY Act Advances in US Senate
Large XRP investors known as whales have been actively buying up tokens over the last five weeks, accumulating around 600 million XRP-USD worth approximately $678 million.
This surge in buying comes at a time when small retail buyers are selling off their coins, leading to a significant split between large and small traders. According to data from Santiment, wallets holding between 100,000 and 100 million XRP grew their coin stash by 2.8% over the last five weeks.
The whale buying activity is occurring as the U.S. Senate moves forward with a new draft of the CLARITY Act, which aims to set clear federal rules for digital assets. This could potentially give banks the green light to use XRP.
Trading charts show XRP forming a bull flag pattern, indicating potential future price gains. If XRP's price stays above its $1.11 support level, it could move towards $1.24. However, derivative market data shows some traders are stepping back from riskier investments, with open interest in XRP futures dipping slightly to $2.5 billion.