Ripple Whales Acquire 360 Million XRP Amid Price Drop: Strategic Move or Market Manipulation?

XRP is facing one of the least favorable months of the year, having recently succumbed to bearish pressure. Amid this situation, the asset dropped by 12% from June 22. But some see opportunity in adversity.

Ripple whales have come out in full force, acquiring 360 million XRP amid a week-long price decline. This intriguing development unfolds against a backdrop of price uncertainty, leading many to question the motives behind such a large-scale acquisition.

The acquisition of over 360 million tokens coincides with amplified censure aimed at Ripple. Despite regulatory headwinds and market volatility, these large holders seem undeterred.

Cryptocurrency analyst Ali reported the accumulation of XRP acquired on various exchanges and through OTC deals, highlighting the scale of the whale activity. Specifically, Ali noted that Ripple whales have orchestrated a strategic move, amassing a whopping 360 million XRP, valued at a substantial $223 million.

Whales appear to leverage the stagnant price action of XRP to secure discounted purchases. Is this a sign of confidence in XRP's long-term potential, or a calculated maneuver to influence the market? The answer remains unclear, but the significant influx of XRP into whale-controlled wallets is undoubtedly a noteworthy event.

The purchase of 360 million XRP by Ripple whales during this price dip warrants close attention. Stay tuned for further updates as we continue to monitor the impact of this substantial acquisition on the XRP market.