Why Did XRP Whales Buy 170 Million Tokens Despite 9% Price Drop?
XRP whales accumulated over 170 million tokens during a 9% price decline, signaling strong investor conviction.Summary
Despite XRP trading under pressure and experiencing a 9% price drop, significant buying activity from large holders and institutions suggests strategic accumulation. On-chain data indicates XRP's realized price is above the market price, historically signaling an undervalued bottom.
Institutional investors added $3.5 million in XRP exposure for the week ending February 20, contributing to $105 million in month-to-date inflows, outpacing Bitcoin and Ethereum. Concurrently, addresses holding between 10 million and 100 million XRP accumulated over 170 million tokens during the recent downturn, demonstrating conviction among major holders.
Technically, XRP is trading below a descending resistance trendline, with immediate support at $1.28, influenced by broader risk-off sentiment. However, sustained whale and institutional accumulation could provide liquidity support, potentially leading to a recovery if XRP can break key resistance levels like $1.47.
(Source：BeInCrypto)