Pseudonymous X account @WhaleFUD, with more than 440,000 followers, has spread the word about a mammoth accumulation of XRP made by cryptocurrency whales since October of last year.
On Oct. 10, US President Donald Trump announced a 100% tariff on imports from China, which triggered multibillion-dollar liquidations across the cryptocurrency market, marking the beginning of the current downtrend.
4.18+ billion XRP added by whales
According to the tweet, large crypto whales have scooped up a monstrous amount of XRP since October 10, more than 4.18 billion coins. At the current prices, this mammoth XRP batch equals $6.7 billion.
On Oct. 10, XRP saw roughly 40% of its market value erased in a matter of hours, as around $19 billion in crypto liquidations ripped the market apart. Back then, XRP was trading at around $2.40 per coin, while it is currently trading at $1.40.
This massive accumulation of XRP rather signals long-term optimism on behalf of institutional whales.
Overall, according to various analysts, 40% of all altcoins are currently dropping to all-time lows, seeing their trading volumes and market value wiped out. However, as the discussions of the Clarity Act proceed in the White House, the Ripple team, as well as the XRP community, hopes that if passed, this legal initiative will benefit XRP, as well as the crypto space as a whole, turning the U.S. into a global crypto technology hub.
However, the leading cryptocurrency, Bitcoin, remains resilient, standing firm against the present headwinds of market volatility caused by geopolitical events in the Middle East.
You Might Also Like
Bitcoin sits firmly above $70,000
This week, Bitcoin surged 13.34% to a local peak of $74,000 after falling to $65,000 previously. While Bitcoin quickly recovered, the stock market, as well as gold and silver, faced a severe crash. BTC showed a lack of correlation with the leading tech and industrial stocks (the Nasdaq and S&P 500 indexes), while the latter slumped as negative geopolitical events began to unfold in the Middle East.
While by now Bitcoin has declined by 4.84%, the bellwether cryptocurrency is still trading slightly above the psychologically important $70,000 price level.
Besides, crypto treasury companies, such as Strategy, continue to accumulate BTC on the dip, reaffirming their long-term bet on Bitcoin.