Whales Buy $178 Million Worth of XRP: Is Price Reveversal Brewing?

Recent data from the cryptocurrency analytics site Sentiment shows that whales are buying significant amounts of XRP. In the past week alone, the whales accumulated 330 million XRP, which is about $178 million at the current XRP price of $0.539.

Whales used in these analyses are individuals who hold between 10 million and 100 million XRP ($5.4 million and $54 million).

It’s worth noting that trading moves made by whales are usually indicative of broader market activity. When they buy significant amounts of a certain cryptocurrency, it’s usually considered a bullish signal, and conversely, when they sell, it usually implies a bearish sentiment.

XRP whale activity chart. Source: Sentiment

Earlier this year, a massive XRP buy made headlines when a single mega whale bought roughly $500 million worth of XRP on April 18 at a price of $0.496.

At that time, XRP was trending downward, and the move was considered somewhat surprising. However, the real surprise came when XRP shot up to $0.559 just a day later, netting the anonymous whale a whopping $63.5 million in profit less than 24 hours after the initial buy.

Short-term XRP price predictions are bullish.

According to a cryptocurrency tracking website, CoinCodex, XRP could see significant upward activity in the coming days and weeks.

Their XRP price prediction algorithm forecasts that the cryptocurrency will rise to $0.635 in the coming days, which would be an increase of 18% compared to current prices. Moreover, the cryptocurrency could see a local peak of $0.722 by next week.

XRP price prediction chart. Source: CoinCodex
CoinCodex is not alone in its positive predictions for XRP. A prominent cryptocurrency trader who goes by the name of Steph is crypto on X believes that XRP will ultimately reach as high as $40. “BUY #XRP BEFORE $40.00 !!!” he wrote in a recent X post where he supported his view with relevant technical analysis.