Over the past two months, so-called whales have continued to accumulate XRP, Ripple’s cryptocurrency.
Santiment reveals this with a chart showing that in the past 11 days alone, the total number of XRP held on addresses holding between 1 and 10 million has increased by 2.4%.
These days, the percentage of all crypto XRP held by these whales is the highest in the past two months, at 6.12%.
Santiment also points out that this accumulation phase seems to start as the price of BTC is back around $30,000, and that of XRP around $0.4.
Until before the implosion of the Terra project, which began on 10 May, the price of XRP had remained consistently above $0.5. In the following days, however, it fell well below $0.4, only to rise again more or less right around this level.
It is worth noting that at the end of January, when there was the first crypto market crash of 2022, the price had only fallen as far as $0.6, after touching $1.4 at the beginning of September 2021.
Thus, the decline had already started several months before and seemed to have come to a halt after the rebound at the beginning of February, which brought it almost back to $0.9.
Until the end of April, it had still managed to stay above $0.7, but since then it has started to fall significantly.
Not counting the all-time high of January 2018, the price of XRP is currently 71% lower than the recent high of September 2021, but it is also 33% lower than the lowest peak of January 2022.
This is therefore a decidedly low price compared to the average price of recent months. One has to go back to March last year to find it at around $0.4.
Whales take advantage of falling prices to accumulate XRP
The effect of the lawsuit against the SEC on the price of XRP
Moreover, in November 2020, before news of the SEC’s lawsuit spread, XRP had touched almost $0.7, so the current price is 42% lower even than it was before the lawsuit became known.
Therefore, if the result of this lawsuit turns out to be positive for Ripple, it is possible to imagine that the price of XRP could return to pre-lawsuit levels.
It is not surprising then that some whales are trying to take advantage of the recent drop in the hope that the current purchase price will turn out to be particularly low.
