One of the top-performing assets of the year is facing a very positive development that could have implications for 2024. Indeed, Ripple Whales have purchased 360 million XRP tokens as the price could head for a retest at the $0.80 level. However, the mass acquisition could signal an impending volatility spike.
Digital asset analyst Ali Martinez identified the Ripple whale activity. Specifically, he noted they had purchased around $223 million worth of XRP over the past week. Subsequently, following a 5% rally on Christmas day, a retest at the %0.80 level could be in play for the asset.
Also Read: Ripple Price Prediction: Will XRP Drop Below $0.60?
Ripple Whales buy $220 Million Worth of XRP as Key Retest is in Play
Over the past year, Ripple (XRP) has been one of the most discussed digital assets on the market. The cryptocurrency has been faced with a years-long court battle with the US Securities and Exchange Commission (SEC). Yet, with a conclusion in sight, the asset has seen a massive turnaround over the past few months.
Now, Ripple whales have answered that fact by accumulating 360 million XRP with the price set to retest at the $0.80 level soon. Indeed, the massive whale acquisition was worth an astronomical $223 million and was a key part of the token’s Christmas rally.
Also Read: Ripple CEO Announces XRP Strategy for 2024
XRP is currently trading at $0.61, and down only 3.7% over the last 24 hours, according to CoinMarketCap. However, over the last year, the asset is up more than 80% in value. Specifically, this is likely connected to the impending end of the previously mentioned SEC court case.
On Christmas Day, Ripple noted a 30-day peak of $0.65 and experienced an increase of 5% during the holiday. Although it did pull back to its currency area, the creation of new wallets over the holiday brought optimism. Subsequently, that has led many to believe that a retest could be forthcoming.