Whales scoop $962M XRP in 2 weeks – Is $4 closer than you think?
Outflows swel, whales double down and traders pile in. What's more with XRP?
Key Takeaways
Whales purchased 340 million XRP worth $962 million, while $268 million exited exchanges. Funding Rates turned positive and Open Interest hit $8.02 billion, hinting at bullish momentum.
Ripple [XRP] gained 1.06% on the 31st of August, reversing its 6.32% decline from last week.
Analysis suggested that during the recent price drop, some investors accumulated XRP, likely preparing for a rally. AMBCrypto examined how this could unfold for the asset.
Massive accumulation from whales
Investors kept buying through the dip.
Santiment data showed that during the two-week downturn, whales purchased 340 million XRP worth about $962 million at $2.83.
This large-scale accumulation suggested whales viewed the market decline as an opportunity to buy in bulk.
Spot investors also joined in. Data from CoinGlass’ Spot Exchange Netflow showed that $268 million worth of XRP was withdrawn from exchanges over the past ten days.
Such accumulation often provides support for an asset to push higher, fueling potential rallies. If renewed liquidity flows into the broader crypto market, XRP could benefit from this momentum.
Derivative side with whales
Derivatives flows aligned with whales and Spot buyers. At press time, the group saw notable liquidity inflows from long traders.
CoinGlass data revealed XRP’s Funding Rates flipped positive at 0.0075% in the past day. This indicated fresh liquidity entering from long positions, as traders pay a funding fee to maintain their bets on rising prices.
On top of that, Open Interest climbed in the past 24 hours, standing at about $8.02 billion.
A rise in Open Interest does not directly imply bullish or bearish intent; it simply shows more capital in play. However, when paired with rising Funding Rates, it suggested long traders controlled most new inflows.
Triangle setup teases $4 target
Market structure showed XRP coiling inside a descending triangle near $2.80 support. This consolidation zone often reflects quiet accumulation before volatility expands.
At press time, XRP was testing the channel’s support level, which could serve as a springboard for further gains and a potential breach of resistance.
If this breakout materializes, projections from the daily chart suggest XRP could attempt a run toward new highs, potentially reaching the $4 price region.
