For the past few weeks, XRP surged to a peak of $0.64 before plummeting to a yearly low of $0.43 within a matter of days, marking a 32% decline in less than three weeks. However, XRP’s downtrend sparked significant buying opportunities for whales. 

Last week, XRP rebounded to $0.5, marking a 6% increase. However, over 452 million XRP, worth $232 million, were transferred from various undisclosed wallets to exchanges such as Bitvavo, Bitstamp, and Bithumb. As a result, this activity has sparked concerns regarding a potential massive sell-off, despite XRP having recovered from a low of $0.43.

Why Whales Are Buying XRP

As XRP struggled, the whales saw XRP’s price decline as a buying opportunity. Analyst Ali Martinez stated that these investors, predominantly those who are holding between 10 to 100 million XRP, acquired more than 31 million XRP in just one week, equivalent to approximately $16 million. However, some experts anticipate that this buying activity will result in a significant price surge. 

In addition, crypto analyst RLinda has presented several factors suggesting that the XRP price might be poised for a surge. Among these factors is the completion of a false breakdown of XRP. 

This pertains to the price decline that caused XRP’s price to drop from $0.7 to $0.42, marking an almost 50% drop. However, according to RLinda, this downturn was actually bullish for XRP, as it essentially constituted a false breakdown, subsequently followed by a breakout. 

In cases like this, the XRP price may be poised for a breakout just like what happened between August and November 2023. If this happens, there is a possibility that the XRP price will surge by 50%, potentially reaching a high end of 70%.

Yet, XRP hasn’t been particularly favored by the market lately. Its daily trading volume has experienced a massive decrease, indicating a 20% decline to $1.33 billion in the last 24 hours. At this time of writing, it’s XRP is trading at $0.52.