An influential analyst reports that wealthy crypto investors have acquired more than $2.5 billion worth of XRP and Dogecoin (DOGE) within a short period.
In a recent post, crypto trader Ali Martinez shared with his 111,500 followers on X that large investors, known as whales, have been actively accumulating XRP, a payment-focused altcoin.
“Whales purchased approximately one billion XRP in just 48 hours!”
As of now, XRP is trading at $2.54, indicating that the whales have accumulated $2.54 billion worth of the third-largest altcoin by market cap.
Shifting focus to the popular meme coin DOGE, Martinez mentioned that crypto whales have acquired significant amounts of this dog-themed cryptocurrency over a two-day span.
“Whales bought over 470 million Dogecoin DOGE in 48 hours!”
With DOGE currently trading at $0.338, the collected Dogecoin holdings of the whales now amount to $158.86 million.
In total, these affluent investors have accumulated $2.698 billion worth of XRP and DOGE.
Examining the charts, Martinez predicts a significant surge in XRP’s price in February, identifying two potential entry points.
“The first entry point is the rising trendline of the pennant at $2.05. The second entry point is a breakout beyond the pennant at $2.50. Irrespective of the entry point, the target price remains $10!”
The crypto strategist also highlighted a decline in capital inflows into digital assets over the past 30 days.
“Capital inflows into the crypto market dropped from $134 billion to $68 billion in the last month, representing a 49% decrease.”
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Featured Image: Shutterstock/Olga Medvedeva
