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- Ripple whales accumulated over 50 million XRP in 24 hours, signaling strong institutional confidence in XRP’s potential.
- Corporate XRP holdings rose to over 20%, making it the fourth most held cryptocurrency by major corporations.
In the volatile market, Ripple’s XRP continues to make news for massive whale activity and smart corporate operations. According to a tweet from Ali Martinez, Ripple whales have accumulated more than 50 million XRP in the last 24 hours.
This influx, valued at around $29.5 million, is a considerable increase in their holdings and indicates a strong belief in XRP’s future among prominent investors.
#Ripple whales have scooped up over 50 million $XRP in the past 24 hours, boosting their holdings by approximately $29.5 million! pic.twitter.com/nqNMG2J5Ng
— Ali (@ali_charts) August 27, 2024
Corporate Holdings Surge, Signaling Institutional Interest in XRP
Simultaneously, as CNF previously reported, corporate XRP holdings have increased significantly, accounting for little more than 20% of the total circulating quantity. This increase maintains XRP’s position as the fourth most widely held cryptocurrency by companies, demonstrating significant institutional interest.
This corporate buildup is consistent with previous developments concerning Ripple’s partner, Nium. The company has expanded its services by utilizing JPMorgan Payments, and it may be exploring alternatives or more solutions outside Ripple’s current capabilities.
Such efforts indicate that, while XRP is an important component of their strategy, diversification and adaption to the larger financial environment are also in play.
On the other hand, according to our prior report, wealth advisor Mickle believes Ripple’s On-Demand Liquidity (ODL) offering will motivate market makers to accumulate XRP.
This buildup may boost XRP demand as more institutions and market participants understand the utility and efficiency of Ripple’s ODL in facilitating cross-border transactions. The 1,700 non-disclosure agreements (NDAs) that Ripple has with financial institutions demonstrate its commitment to expanding XRP’s use case.
These agreements, which support XRP transactions, demonstrate Ripple’s continuous efforts to integrate XRP into business transfers on a worldwide scale.
Despite these favorable trends, XRP’s price has recently been under bearish pressure. As of the time of writing, XRP is trading around $0.5733, down 2.61% over the last 24 hours. This decrease has reduced its market capitalization to around $32.20 billion.
The price drop coincides with a substantial decrease in Whale to Exchange Transactions, which fell from 1,266 to 40. This decrease in major transfers to exchanges often reflects a drop in the liquidation of significant holdings, which could be attributable to continuous whale accumulation and strategic movements by big-pocketed investors.
