Whale Buys 120 Million XRP Worth IDR 4.6 Trillion When The Price Drops

JAKARTA - In recent days, the price of XRP has seen a significant increase. Crypto analyst Ali Martinez reports that a number of large investors or commonly called "whale" took advantage of the golden opportunity to buy XRP in massive quantities after the price of this crypto asset decreased sharply.

Data compiled by Santiment shows that between 4 to 7 December 2024, the price of XRP has fallen by around 23%, from 2.90 US dollars (Rp45,165) to 2.22 US dollars (Rp35,217). This decline has made many large investors compete to buy XRP with total purchases reaching more than 120 million XRP, which is worth around 288 million US dollars (Rp4.56 trillion).

Interestingly, even though the price of XRP is down, these whales actually see an opportunity to enlarge their portfolio by buying at low prices. This is a strategy known as "buy the dip".

On Friday, December 6, major transactions occurred when more than 22 million XRPs were withdrawn from the world's largest crypto exchange, Binance. Since the decline, the price of XRP has started to move stably and is in the range of 2.23 US dollars (Rp35,330) to 2.43 US dollars (Rp38,505). In fact, in the last 24 hours, the price of XRP has increased by 8%, breaking the figure of 2.43 US dollars (Rp38,526).

This sharp XRP price movement is actually not the first. Previously, between 1 to 3 December 2024, XRP recorded a 51.5% spike, managed to break the price of 2 US dollars (Rp31,700), and returned to the top three largest cryptocurrencies by market cap. In less than a month, XRP has added more than 100 billion US dollars (Rp1,585 trillion) to its market cap.

Even so, the current price of XRP is still far below the record high it set in 2021. At that time XRP recorded its All Time High at the level of 3.84 US dollars per coin equivalent to IDR 60,953 based on the current exchange rate.