XRP Whales Keep Buying as Price Falls to Lowest in Almost Two Years
The recent decline of XRP's price to $0.99 has been met with significant buying activity from large holders, known as whales.
In the week leading up to August 9, these investors added more than 380 million XRP, worth around $390 million at today's price.
This trend of whale buying has been ongoing for months, despite the declining price of XRP.
According to Santiment, wallets holding at least a million XRP have grown by 32 over the past three months, while XRP's market cap fell 29% over the same period.
This suggests that whales are not being shaken out by the decline in price, but rather are accumulating more tokens.
In fact, CryptoQuant reports that 81% of all XRP withdrawn from Binance on August 3 went to large holders.
This contrasts with retail traders, who have been selling their XRP as prices traded near or below what the average holder paid.
The 'lowers downside pressure and is consistent with the final phase of the cycle's decline.'