Ripple Whales Go on Buying Spree as XRP Price Pumps

The weekend is gone, and crypto traders could be satisfied with the price action last week. XRP holders are among the most pleased as the price continues to surge, now trading above $1.5.

Crypto traders had a good weekend as most digital assets posted impressive gains. XRP was among the top performers, continuing its strong rally with a 29% price increase over the past week.

Now trading above $1.5, XRP caught the attention of many traders, including popular crypto analyst Ali Martinez. According to his analysis, Ripple whales went on a significant buying spree during the weekend.

Data from crypto intelligence firm Santiment reveals that large holders controlling between 1 million and 10 million XRP“ quietly accumulated over 50 million tokens during this period. The buying spree coincided with XRP's impressive price performance.

The digital asset has been displaying strong bullish momentum since early November. After consolidating between $1.2 and $1.35, XRP broke out decisively, pushing beyond the $1.5 mark. Trading volumes have notably increased during this rally, indicating broad market participation rather than isolated moves.

The recent price action shows strong demand at lower levels, with buyers consistently stepping in to support the price, as evidenced by the market structure. While the current momentum appears robust, key support levels can be identified at $1.35 and $1.2, areas where previous accumulation took place.

Zooming in on the on-chain metrics, the data reveals an interesting pattern in whale behavior. The charts show a sharp uptick in whale holdings that perfectly matches the recent price movements, backing up Martinez's observations.

What's particularly noteworthy is how whale activity reached its peak in mid-November, just before XRP made its major move upward. These large holders appear to have positioned themselves ahead of the current rally, showing their growing interest in accumulating XRP tokens.

The timing of these large purchases suggests these major holders may be positioning themselves based on their market outlook or potential developments within the Ripple ecosystem.