Cryptocurrency analyst and trader Ali Martinez has unveiled on-chain data showing that over the past few days, whales have wiped a staggering half a billion XRP off the cryptocurrency market.
During that time, top 10 cryptocurrency XRP saw a massive 13% decline, letting whales buy the dip.
520 million XRP scooped up in just days
In a recently published tweet, the cryptocurrency analyst mentioned above revealed that as the fourth largest digital coin, XRP, dropped approximately 13.45% between Feb. 4 and 6, whales’ activity saw an abrupt increase, and they accumulated roughly 520,000,000 XRP on that substantial price dip. This amount of crypto is currently worth $1,257,058,739 in fiat.
It bears mentioning that one day before then, whales sold a large part of their XRP bags, according to the chart shared by the analyst as the price began to dive, and they quickly initiated a sell-off to lock in their profits.
Whales seized the opportunity during the recent dip, buying 520 million $XRP! pic.twitter.com/v2Lu4uBMgm
— Ali (@ali_charts) February 6, 2025
Martinez shared a chart provided by the on-chain aggregator Santiment.
32 million XRP shoveled to Bitstamp
Aside from that, prominent blockchain sleuth Whale Alert, which tracks down large crypto transactions, spotted a large XRP amount shoveled to the major exchange Bitstamp by an anonymous wallet – 32,079,955 XRP equal to $77,660,044.
🚨 🚨 🚨 🚨 32,079,955 #XRP (77,660,044 USD) transferred from unknown wallet to #Bitstamphttps://t.co/ul4MYRGBzs
— Whale Alert (@whale_alert) February 7, 2025
Notably, per data shared by the Bithomp XRP-focused analytics platform, the wallet that initiated the transaction to Bitstamp was connected to the BitGo crypto exchange, wallet and custodian – the second biggest one in the U.S.
Read the full article here
