A well-known analyst in the cryptocurrency space has revealed that deep-pocketed investors have recently acquired over $2.5 billion worth of XRP and Dogecoin (DOGE) in a short span of time. Ali Martinez, a prominent crypto trader, shared this information with his large following on the social media platform X, highlighting the significant moves made by whales in the market.
According to Martinez, whales have been actively accumulating XRP, with approximately one billion XRP purchased within a 48-hour timeframe. With XRP currently trading at $2.54, the total value of the XRP acquired by whales amounts to $2.54 billion, making it a substantial investment in the third-largest altcoin by market capitalization.
In addition to XRP, Martinez also reported a surge in whale activity surrounding DOGE, a popular meme-based cryptocurrency. Whales reportedly bought over 470 million Dogecoin in just 48 hours, resulting in a total value of $158.86 million based on the current trading price of $0.338.
In total, the combined investment in XRP and DOGE by these deep-pocketed investors amounts to $2.698 billion. Martinez also provided insights into the potential price movements of XRP, predicting a significant price increase in February. He identified two possible entry points for investors and set a target price of $10 for XRP.
Furthermore, Martinez highlighted a decline in capital inflows into the cryptocurrency market over the past month, with a 49% decrease from $134 billion to $68 billion. This trend suggests a shift in investor sentiment and a potential impact on market dynamics in the near future.
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