#crypto
The movement of 140 million XRP tokens by large holders, commonly referred to as "whales," is a significant event that can influence market dynamics.
š Whale Activity and Market Impact
In late August 2024, data from Santiment indicated that XRP investors holding 100 million or more tokens reduced their holdings by 140 million XRP within a week. This substantial sell-off contributed to XRP slipping below the $0.60 support level, trading at approximately $0.5950 at that time.
Such large-scale selling by whales often exerts downward pressure on prices, as their significant holdings can influence market sentiment and liquidity.
š Subsequent Accumulation and Price Recovery
Interestingly, following the sell-off, whales began accumulating XRP again. Between August 26 and 27, 2024, they purchased over 50 million XRP within 24 hours. This accumulation coincided with a modest price recovery, with XRP hovering around the $0.60 mark and experiencing a 1.12% gain on the day.
Such buying activity by whales can signal renewed confidence in the asset, potentially leading to further price appreciation if sustained.
