XRP Sees Renewed Optimism as Whales Buy During Market Crash

XRP has drawn significant attention as major investors, known as whales, made bold moves during a recent market dip.

Reports indicate that over 100 million XRP tokens were acquired by these investors, sparking optimism for a potential price recovery.

Crypto analyst Ali Martinez revealed that whales took advantage of the market crash, amassing XRP in a strategic “buy-the-dip” approach. While this has fueled bullish sentiment, concerns arise from contrasting data showing over 2.66 billion XRP transferred to Binance in the past month, increasing exchange supply and adding uncertainty to the market outlook.

XRP has shown resilience, rising 6% intraday to $2.369, with technical indicators pointing to further gains. Analysts note a breakout from an eight-year bullish pennant, a pattern associated with major upward momentum.

Ripple Labs’ approval from NYDFS for its RLUSD stablecoin adds further optimism, signaling progress in Ripple’s ecosystem. As the token’s price movements unfold, the combined impact of whale activity and Ripple’s developments will be closely monitored.