Popular cryptocurrency analyst Ali Martinez shared data suggesting an fascinating accumulation trend among XRP investors despite continuing price uncertainty. According to Martinez, who referred to data from the Santiment analytical platform, XRP whales have made significant purchases a total of around 40 million XRP in the last 48 hours.

This significant accumulation trend coincides with an boost in vast transactions to and from cryptocurrency exchanges, as highlighted by whale trade tracker Whale Alerts over the same period.

Whales buy millions of XRP

IN recent post on the social media platform X, Martinez shared a Santiment data chart that illustrates the total holdings of XRP addresses containing between 1 million and 10 million XRP tokens.

He emphasized that these specific groups of traders had purchased a total of approximately 40 million XRP in the last 48 hours, representing an investment of approximately $22 million. While this number may seem modest compared to the more significant moves typically seen with XRP whales, it represents a significant development as it represents the first significant inflow into these wallets since the beginning of the month.

The chart shared by Martinez shows a disturbing trend. Since the beginning of October, the total holdings of these whaling wallets have been withering rapidly. On October 1, the group’s accumulated resources amounted to approximately 3.93 billion XRP.

However, within a few days, these wallets experienced a significant loss of approximately 130 million XRP, causing their total holdings to drop to a three-month low of 3.8 billion XRP by October 8. However, the recent accumulation of whale addresses has pushed their collective share count to 3.85 billion over the past 24 hours.

According to data from Whale Alerts, there have been multiple instances of vast XRP transactions entering and exiting cryptocurrency exchanges over the past 24 hours. The biggest transaction took place with transfer 104 million XRP tokens worth $55 million from an unknown wallet to a fresh unknown wallet.

Other a noteworthy transaction was transfer of 52 million XRP tokens worth $27.8 million from an unknown wallet to the Bybit cryptocurrency exchange. Moments later, 30 million XRP tokens have been moved from Bybit to another private wallet.

Is XRP heading to $0.5 or $0.6?

Current price action shows XRP consolidation between the upper range of $0.54 and the lower range of $0.52 over the last seven days. This lack of clear direction suggests low volatility and lack of interest among cryptocurrency traders, as evidenced by a drop in trading volume of approximately 30% over the last 24 hours.

However, there has been a recent boost in the whale population may signal renewed interest among vast investors in XRP, indicating a potential change in market sentiment as the fresh week begins. Historically, there has been an boost in whale accumulation often accompanied by steady growth at the price of XRP. If this trend continues, there could be a repeat of the accumulation seen in September, which pushed XRP to a high of $0.668.

Featured image from Pexels, chart from TradingView