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 Data from CoinGlass’ Spot Exchange Netflow showed that $268 million worth of XRP was withdrawn from exchanges over the past ten days.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 positi

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Author: Olayiwola Dolapo