Ripple (XRP) whales invest $40M in 10 days, here’s what to expect in March 2024

Ripple (XRP) price opened trading at $0.53 on Feb. 26, down 8% from its monthly peak of ot $0.58 recorded on Feb. 15, can whale investors spark rebound in March?

After its positive performance in the first-half of February topped out at $0.58, XRP price has been on a steep downward trend in the last past week. However, early signals of a positive start to March 2024 have emerged as whale investors begin to buy the dip.

XRP price has underperformed the altcoin market average in February

XRP price started February 2024 positively, rising 19% from $0.49 to $0.58 between Feb. 1 and Feb. 16, but since then, it has struggled to sustain the momentum.

In the second-half of February, XRP has fallen behind the overall altcoin market average, losing 8% of its gains as prices dipped toward $0.53 at press time on Feb. 26.

With top performers in the DeFi and Crypto AI sectors led by capital flowing towards Ethereum, and the chart-topping NVIDIA corp, the Ripple-backed token has fallen down the pecking order in terms of media attention and market demand.

Ripple (XRP) Price Performance vs. Global Altcoin Markets February 2024 | Source: TradingView

TradingView’s TOTAL2 chart, estimates that the global altcoin markets have received capital inflows worth $194 billion in February 2024, representing a whopping 26% growth. In comparison XRP 9% month-to-date performance has fallen short of the market average.

However, recent on-chain movements trends observed among whale investors suggest this trend could flip bullish for XRP in the coming weeks.

Crypto whales acquired 70 million XRP amid price dip

XRP price has tumbled 8.3% in the last 10 days, but in an unusual turn of events, a strategic cohort of price-savvy crypto whales have been spotted buying the dip aggressively.

Santiment’s chart below depicts real-time changes in balances held by wallets with 1 million to 10 million XRP coins. When the price declined a

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Author: Ibrahim Ajibade

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