Ripple’s cross-border token once again dipped to the $1 psychological level, infusing a fresh dose of panic across its community.
Despite its major price downfall, whales continue to accumulate tokens, positioning themselves for the next potential uptrend.
More Purchases
Earlier this week, XRP dipped below $1 for the first time since 2024. The bulls recovered some of the losses shortly after and pushed it above that zone. The past 24 hours delivered another red wave, with the asset again fighting to hold that critical level and is actually down nearly 70% over the last year.
The move south seems to be of no concern to large investors, who even see the current conditions as the perfect moment to snap up more tokens. Analyst Ali Martinez revealed that whales acquired 72 million XRP (worth roughly $72 million as of press time) within the past day alone.
“I wonder what they know that we don’t… Are they preparing for a bull rally,” he asked.
It is a common theory that whales’ behavior differs significantly from that of retail investors. Big participants rarely jump on the bandwagon without doing proper research, and some speculate they might have inside information that the rest of the market lacks. As such, they can influence smaller players to follow suit, while the potential wave of fresh capital might benefit the asset’s price.
The whales’ accumulation over the past 24 hours isn’t an isolated case. Just a few days ago, Martinez disclosed that they have scooped up more than 380 million XRP in one week.
Another positive factor is the overall increase in the number of addresses holding at least 1 million coins, which, according to Santiment, has risen by 32 over the last three months.
The Bearish Perspective
In addition to outlining the whales’ activity, Martinez has recently issued a major price warning. In early August, he claimed that “everything comes down to $1.06 for XRP,” suggesting that holding the line could trigger a rally to as high as $1.64, whereas plunging under might result in a violent crash to $0.62. As mentioned above, the token’s valuation has plummeted below the depicted level, and we have yet to see whether a more substantial collapse will follow.
Meanwhile, CryptoQuant recently outlined that XRP’s selling pressure has intensified to its highest level since May on Binance after the Taker Buy/Sell ratio fell to 0.86.
“A reading below 1 indicates that the volume of sell orders executed by traders exceeds the volume of buy orders, reflecting clear selling pressure from traders executing trades directly,” the entity explained.
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