One of Largest XRP Buy Orders Appears on Bitrue as Whales Accumulate 40 Million XRP

XRP whales have resumed accumulation, procuring about 40 million tokens over the past two days as the market eyes recovery.

The FUD around the XRP ecosystem seems to have disappeared as whale activities have resumed. According to popular X analyst Ali Martinez, large holders scooped in 40 million XRP in two days, boosting positive sentiments among proponents.

The Saturday Post cited crypto data intelligence platform Santiment. The analysis revealed a spike in XRP whale accumulation between October 10 and 12, as FUD from the notice of appeal filed by the US Securities and Exchange Commission (SEC) wore off.

For context, the Wall Street regulator filed a notice of appeal on October 2, declaring its intentions to contend the Ripple ruling. The application resonated around the crypto community and catalyzed a short-lived downtrend in XRP’s price.

Whales Resume Accumulation

Martinez’s post highlighted the resumption of accumulation among XRP whales after a short period of massive sales. For context, the data shows a notable decline in the amount of XRP held by wallet addresses containing between 1 million and 10 million XRP since the SEC’s notice of appeal on October 2.

This category of whales started the month, holding over 3.92 billion XRP.  However, a sharp decline was noticed as whales sold massively due to swelling uncertainties following the appeal notice. Notably, the amount held by these whales dropped to 3.8 billion on October 8. The Santiment chart shows that the amount of XRP held by whales has surged to 3.85 billion.

Furthermore, on-chain activities and exchange buy orders confirmed this renewed XRP whale traction. For instance, a user notified the XRP community of a large buy order on the XRP/USDT pair on Bitrue. The buyer(s) placed a limit order to buy 26.38 million XRP at $0.5415.

Also, the blockchain tracker Whale Alert reported a notable large-scale XRP accumulation. On Friday, it shared that an unknown whale withdrew 30 million XRP, worth $16 million at the time, from Bybit.

Will XRP Price Follow Accumulation Uptick?

The latest accumulation has reinforced the positive sentiments within the XRP community while heightening the chances of a price uptick. However, XRP has continued to trade between $0.54 and $0.52 in the past seven days, exchanging hands at $0.5385 at press time.

Notably, Bitcoin’s renewed bullish momentum could also spark an XRP surge to $0.67. Analyst Charting Guy noted that XRP would do nothing until Bitcoin finds its footing. As a result, the latest push to $64,500 could spur a surge past the range top at $0.67 in the 1M chart and push XRP to new highs.