XRP Whales Have Just Grabbed 600 Million Tokens as the CLARITY Act Inches Forward
Large crypto investors, known as whales, have just grabbed 600 million XRP tokens (XRP-USD) over the last five weeks. They have spent around $678 million. While this happened, small retail buyers have actually been panicking and selling off their coins. This buying surge comes as the U.S. Senate moves forward with a new draft of the CLARITY Act, which aims to set clear federal rules for digital assets.
Even though small traders are walking away, a lot of buying buying from large crypto wallets has helped push XRP’s price back up past $1.13.
Whale XRP Wallets Are Building Up Their Positions
Data from market tracker Santiment shows that wallets holding between 100,000 and 100 million XRP grew their coin stash by 2.8% over the last five weeks. This buying spree equals 600 million coins, worth about $678 million at today’s prices.
At the same time, small retail wallets cut their total XRP holdings by 5.2%. This split helped lift XRP’s price back up from its $1.00 late-June low to $1.16. This move could be a strong sign that XRP prices usually follow the big buyers rather than small retail traders.
The U.S. Senate Is Drafting the CLARITY Act
The whale buying comes as lawmakers discuss the CLARITY Act in the U.S. Senate. Senate leaders recently released a new draft bill that sets clearer rules for digital assets and limits direct crypto holdings for high-level officials.
The bill could give banks the green light to use XRP, but political fights have lowered the odds of it passing before the August break. This delay has led to flat inflows into XRP ETFs, but large buyers are still adding to their positions anyway.
XRP’s Price Chart Indicates Potential Future Gains
Trading charts show XRP forming a bull flag pattern, which often means more price gains are coming. If XRP’s price stays above its $1.11 support level, this could aid it to move towards $1.24.
However, derivative market data shows some traders are actually stepping back from riskier investments. Open interest in XRP futures dipped slightly to $2.5 billion. This tells us that traders are using less leverage while they wait for clear news from Congress.
At the time of writing, XRP’s price is sitting at $1.1071.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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