Smart money quietly buys 900 million XRP

Summary

⚈ XRP whales bought around 900 million tokens in April, signaling possible bullish sentiment.
⚈ The SEC delayed its XRP ETF decision, and short positions recently surged.
⚈ Despite bullish buys, whale activity slowed, and a $68.7M transfer hints at selling.

XRP whales seems to have retained a bullish outlook, despite some of the token’s recent challenges

It appears that large accounts — those holding more than 10,000,000 tokens, have purchased approximately 900 million XRP over the past month, noted cryptocurrency technical analyst Ali Martinez, who shared his findings in a May 2 X post.

XRP whales are not unanimous regarding the token’s future prospects

While the fact that XRP whales have, on the whole, intensified their acquisitions might appear as a solid bullish signal at first glance, traders should always consider dissenting opinions.

On April 28, one XRP whale transferred 29,532,534 tokens, worth roughly $68.7 million, to cryptocurrency exchange Coinbase. Large transfers such as these usually precede selloffs.

Lastly, it’s important to note that Martinez’s chart clearly shows that whale demand has flattened since April 29 — so the thus-prevailing bullish sentiment on the part of large accounts might very well have already been dispelled.

Featured image via Shutterstock

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