TL;DR

Ripple whales seem unfazed by the recent FUD around the underlying token and continue to accumulate a significant number of tokens. In the latest 24-hour buying spree, these large market participants purchased 60 million XRP, according to data shared by popular analyst Ali Martinez. Whales bought 60 million $XRP in the last 24 hours! pic.twitter.com/i9Nev76FHJ

From a USD perspective, this amount is worth over $180 million at current XRP prices. This purchase only intensifies the buying pressure from whales, which have gone through the roof in the past month or so.

As reported earlier in July, Ripple whales had accumulated 2.2 billion tokens in the span of just two weeks, which was among the propellers behind the assets impressive surge to a new all-time high at the time of over $3.6.

The third-largest cryptocurrency slumped in the following days to just under $3, driven by some FUD from a suspicious Upbit transfer and reports that one of Ripples co-founders had disposed of $140 million worth of XRP.

Whales used this opportunity to buy the dip once again, scooping up another 130 million XRP in just 24 hours when it slipped below the crucial support at $3.

These continuous accumulations from large market players not only reduce the available supply, but their example could be followed by retail investors.

However, XRPs price has failed to benefit from the most recent whale purchases. It currently trades just under a crucial support at $3.15 after losing 10% of its value weekly. If this support cracks, the asset could drop toward the next significant one at $3, as Ali Martinez warned yesterday.