- XRP whales accumulated $6.82 million worth of the token over the past week.
- XRP’s support at $0.57 may be crucial to a possible run to $0.67 if buying pressure increases.
- The token may test a new yearly high if whales continue to buy and Bitcoin drives towards $40,000.
Whales have purchased around 11 million worth of Ripple (XRP) in the last seven days, Crypto analyst Ali Martinez disclosed. Martinez, who shared the data from on-chain analytic platform Santiment, noted that the value of these tokens was around $6.82 million.
#Ripple | On-chain data shows that #XRP whales have purchased around 11 million $XRP over the past week, worth roughly $6.82 million! pic.twitter.com/VnWpaMoOYR— Ali (@ali_charts) November 25, 2023
Typically, when these whales accumulate in large numbers, it signals a shift in market sentiment and a potential increase in value. So, traders can modify their strategies and possibly capitalize on this likely market movement.
However, according to CoinMarketCap, the buying spree’s effect has not yet been reflected on XRP. At press time, the XRP’s value was $0.62, indicating that the token has been consolidating around the same are…
The post Ripple (XRP) Whales Are At It Again: Time for a Yearly High? appeared first on Coin Edition.