Ripple (XRP) Accumulation Signals Bullish Sentiment But Divergence Persists

XRP whales appear to be increasingly bullish on the crypto asset despite an underwhelming performance.
The latest data by crypto analyst Ali Martinez shows a significant accumulation phase brewing for XRP.

On-chain data by Santiment reveals that over the past week, these whales have acquired approximately 11 million XRP, equivalent to $6.82 million. This development unfolded as XRP’s price experienced a downtrend, causing its monthly gains to hover just above 11%.

• Currently priced at $0.60, XRP has been trailing behind other cryptocurrencies in the market.
• The accumulation trend points toward an underlying bullish sentiment among some investors, defying the prevailing market sentiment.
• However, not all whales share this optimism. One whale, in particular, recently executed massive transfers of XRP to two centralized exchanges, Bitstamp and Bitso, on November 23rd.
• In the first transaction, the unidentified wallet moved 25.20 million XRP to Bitstamp, with a market value exceeding $15.66 million.
• Similarly, the same wallet conducted a second transaction, transferring 25 million XRP to Bitso, valued at around $15.55 million. These transactions, which attracted significant attention from traders and investors, indicate a divergence in sentiment among whales.
• Whale Alert, a blockchain tracking platform, reported yet another substantial transfer by the same whale on Monday, during which an additional 25.5 million XRP, equivalent to $15.722 million, was sent to Bitstamp.
• Interestingly, these massive XRP transfers to Luxembourg-based digital asset exchange align with the recent decline in XRP’s price.
• The transfer of substantial XRP amounts onto exchanges typically signals an increase in supply, potentially leading to diminished demand and subsequently a pullback for the crypto asset.