Large-scale XRP holders have been on an aggressive buying spree this week, even as the broader market turned risk-averse and the token saw one of its steepest drops in months.
On-chain data from analyst Ali Martinez shows that whales — entities controlling tens of millions of XRP — snapped up roughly 120 million tokens on August 15 alone, coinciding with a sharp daily selloff.
That buying came as XRP’s market value fell by $10 billion in 24 hours, sliding from $193.85 billion to $182.85 billion. Over the past week, the token’s market cap has shed $15 billion from its August 8 high, with spot prices down nearly 8% to $3.08.
Despite the drawdown, XRP’s fully diluted valuation still sits at a lofty $308.31 billion, indicating that long-term expectations have yet to shift meaningfully. Trading volumes, however, have plunged more than 36% over the past day to $7.55 billion.
Martinez’s analysis also points to earlier buying activity, with whales accumulating around 320 million XRP in the three days leading up to August 15. This brings the week’s total to roughly 440 million XRP — worth about $3.8 billion — flowing into the hands of major holders in less than seven days.
Such concentrated accumulation phases have historically signaled medium-term reversals, especially when paired with declining exchange reserves and thinner liquidity on spot markets.
With the FDV-to-market cap ratio highlighting expectations of future adoption, sustained whale demand may be key in offsetting continued retail selling pressure and reigniting upward momentum.
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/whales-buy-440-million-xrp-despite-market-selloff/