Ripple Whales Are Still Buying: So Why Is XRP’s Price Down Today?

Ripple’s native cross-border token is among the poorest performing larger-cap altcoins today, which comes in a rather intriguing time.

On-chain data shared by popular analyst Ali Martinez shows that the largest market entities within the XRP ecosystem have been on a substantial buying spree, which raises the question of why the asset is down now.

All Going XRP’s Way

Ripple whales were mostly absent in the first couple of months of the new year, but returned with a 200 million token accumulation completed in the span of 14 days in mid-March. Another 40 million token scoop followed a week later, as reported. Martinez noted yesterday that they had continued acquiring more XRP, adding 190 million additional coins once again in a 7-day timeframe.

But it’s not just whales’ behavior that should increase the XRP Army’s confidence levels. The company behind the token has made the headlines in the past month or so, scoring big partnerships, applying for key licenses, and announcing expansion plans to several jurisdictions, including Australia, Brazil, and Singapore.

During a recent interview after a conference held in Miami, Ripple’s CEO, Brad Garlinghouse, also praised the firm’s progress over the past year, especially since it acquired Hidden Road and GTreasury. He noted that the former, now known as Ripple Prime, has tripled its revenue rates since the acquisition last year, while Ripple Treasury, as it’s now called, is “way ahead of our forecast for both the end of last year, but also in Q1, we are going to have a record quarter.”

XRP Still Drops, Though

Despite all the positive developments taking place within the broader Ripple ecosystem, the native token continues to struggle. It’s down by 64% since its all-time high in July last year, and by nearly 30% YTD. The past week brought another 7% decline, while the last 24 hours have solidified XRP’s weakness against BNB.

Perhaps one of the reasons behind the asset’s inability to stage a notable recovery is the fact that ETF investors have largely stopped accumulating, as most of the past few weeks have seen negligible numbers. Yesterday was a red day, with over $2.3 million leaving the funds.

CRYPTOWZRD weighed in on XRP’s price performance and warned that a closure below $1.32 would mean “bearish territory.” The token is indeed under that level now, so the next several hours could be crucial for its short-term movements.

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