XRP Whale Activity Explodes 280% as Price Falls Below $1: What’s Going On?

Although BTC has recovered slightly from the weekend slumber and sits above $64,000, Ripple’s native token has failed to join the rather modest ride and continues to fight for the $1.00 support; however, it’s from the downside now.

Fresh on-chain data shared by popular crypto analyst Ali Martinez showed that this hasn’t deterred large investors from growing louder amid these market struggles.

XRP Whales Are Back

Fresh on-chain data cited by popular crypto analyst Ali Martinez indicated that whale activity on the XRP Ledger has exploded over the past 24 hours to new local peaks. More precisely, the number of XRP transactions worth over $1 million has surged by 280% to nearly 40. For reference, the number of such transactions during the previous two days stood at around 10.

This sudden activity spike comes only a few days after another significant whale development in which addresses holding between 10 million and 100 million XRP accumulated approximately 72 million tokens in a single day. At the time, this was worth roughly $72 million.

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