Armando Pantoja, an angel investor with a decade of experience in the space, has boldly stated that whales accumulating XRP “know something” as they sustain a buying spree.
Pantoja shared this view in a tweet on Monday. He cited data confirming that influential crypto investors have added 50 million tokens to their holdings. Notably, these are investors who typically hold between 1 million and 10 million XRP tokens.
Whales Buying XRP
The accumulation occurred over the weekend, bringing their total XRP holdings to approximately 4.29 billion XRP, valued at around $6 billion. During the weekend, when they bought the 50 million XRP, its price ranged between $1.40 and $1.42.
With XRP trading at $1.33 at press time, it implies these whales are currently seeing some unrealized loss from their latest acquisition.
The accompanying Santiment chart from Ali Martinez illustrates how whale accumulation has mirrored XRP’s price movements during dips and pumps.
While XRP’s price is currently facing a downtrend, Pantoja stressed that the whales are positioning themselves for what’s next with XRP. According to him, “They definitely know something…”
Meanwhile, some market commentators have dismissed the significance of the recent whale accumulation. Some have suggested that their actions are part of FOMO buying as XRP experiences an explosive price surge.
XRP Price Action Following Previous Major Whale Accumulation
Meanwhile, instances of a similar whale accumulation trend have dominated this month. In the second week of November, whales deployed $526 million to buy 453 million XRP tokens.
This move elevated their holdings to the point where they controlled 18% of XRP’s supply, the highest concentration in two months. As a result, the price of XRP responded favorably.
Specifically, in the week that followed, XRP’s price soared massively, breaking into the $1 price range. XRP hit $1.62 before the ongoing correction.
Notably, proponents believe the current correction is merely a window of opportunity for those who missed the initial surge to accumulate XRP cheaply before the next wave of explosive price action.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
