XRP whales buy 120 million tokens amid $10B market cap wipeout
Main Idea
XRP's price action this week has been marked by significant whale accumulation despite a sharp market-wide selloff, with large holders purchasing substantial amounts of XRP during the dip.
Key Points
1. Whales purchased approximately 120 million XRP on August 15, coinciding with a steep single-day price drop, erasing $10 billion from XRP's market cap in 24 hours.
2. XRP's market cap contracted by $15 billion from its August 8 peak of $198.60 billion, with spot prices sliding 7.91% to $3.08.
3. Despite the selloff, XRP's fully diluted valuation (FDV) remains elevated at $308.31 billion, indicating long-term valuation expectations have not significantly adjusted.
4. Trading volume dropped sharply by 36.49% in 24 hours to $7.55 billion.
5. Large holders accumulated roughly 440 million XRP (worth ~$3.8 billion) in under a week, a pattern historically linked to medium-term trend reversals.
Description
XRP’s price action this week has been dominated by aggressive whale accumulation against a backdrop of sharp market-wide risk-off sentiment. Data from on-chain analyst Ali Martinez shows that whales, defined as entities holding tens of millions of tokens purchased approximately 120 million XRP on August 15 alone, coinciding with one of the steepest single-day drawdowns for the token in months. 120 million $XRP bought up by whales on the dip! pic.twitter.com/pU8BKXKRKx — Ali (@ali_charts) August ...
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