Whales Bullish On XRP As They Accumulate Millions Of Tokens

• An analyst recently shared on Twitter that whales bought millions worth of XRP over the past three weeks.
• This could indicate that these whales have bullish expectations for the remittance token.
• At press time, XRP was trading hands at $1,831.84 after a 2.56% price increase.

A well-known crypto analyst Ali shared a post on Twitter yesterday to highlight that whales have been accumulating Ripple (XRP). In the post, the analyst noted that this could indicate that whales are very bullish on the remittance token.

The analyst referred to some data collected by the market intelligence firm, Santiment, in his post and pointed out that whales have purchased more than 52 million XRP over the past three weeks alone. The collective worth of the purchased XRP was estimated to be $22.9 million.

At press time, XRP was one of the many cryptocurrencies trading in the green for the day. Data from CoinMarketCap showed that the altcoin was worth about $0.4741 after a 2.56% price increase over the past day. As a result, the crypto was trading much closer to its daily high of $0.4777 than its 24 hour low of $0.4607.

The increase in XRP’s price was able to flip its weekly performance back into the green, taking the total weekly gain to 1.65%. In addition to this, the altcoin’s positive performance also resulted in its strengthening against both market leaders, Bitcoin (BTC) and Ethereum (ETH), by about 1.54% and 1.46% respectively.

Throughout the past day, XRP’s 24 hour trading volume experienced an increase of more than 3%, taking the total to $881,622,249 at press time. Its market cap of $24,584,779,656 meant that XRP was ranked as the 6th biggest crypto in terms of market capitalization. This left it positioned between USD Coin (USDC) and Cardano (ADA).

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