The cryptocurrency market witnessed a dramatic spike in activity around XRP, with whales seizing the opportunity to accumulate massive holdings during a significant price dip. Here’s what happened and what it means for the market.

Whales Scoop Up 120 Million XRP Amid Price Drop

Between December 4 and 7, XRP experienced a steep 23% price drop, falling from $2.90 to $2.22. This sharp decline opened the door for major investors, or “whales,” to acquire large amounts of XRP at discounted prices.

On-chain data provided by Santiment revealed that whales purchased a staggering 120 million XRP during this period, equivalent to approximately $288 million. This accumulation highlights the confidence of large-scale investors in XRP’s long-term potential.

On December 8, over 22 million XRP were withdrawn from Binance, the world’s largest cryptocurrency exchange. This move suggests that whales may be transferring their holdings to private wallets, possibly for long-term storage.

XRP Consolidates After Price Drop

Following the dip, XRP’s price stabilized, trading in a narrow range between $2.23 and $2.43. Over the past 24 hours, the token has shown signs of recovery, rising by 8% to its current price of $2.43514.

Just days before the price drop, XRP had made headlines with a 51.5% price surge, pushing past the $2 mark. This rally propelled XRP back into the top three cryptocurrencies by market capitalization, adding an impressive $100 billion in value over four weeks.

What’s Next for XRP?

While the market remains volatile, the recent accumulation by whales signals strong support for XRP at lower price levels. Investors are watching closely for potential breakout movements as XRP consolidates within its current range.

For those considering XRP, this surge in whale activity might indicate a bullish outlook, but caution is always advised. Conduct thorough research and consult financial experts before making investment decisions.