Ripple, Dogecoin Whales Bought the Dip as XRP, DOGE Prices Soar

TL:DR;

Investors with strong conviction for certain assets tend to use deep corrections to pile up more of these coins, and this seems to be the case for two of the biggest cryptocurrencies: DOGE and XRP. The chain’s data shows that big wallets poured millions into both during the recent market crash.

The market-wide slide that began in the middle of the business week caught many by surprise, given the billions of dollars worth of liquidations that were evident on a couple of occasions.

All crypto assets headed south hard, with BTC leading the way by plummeting from over $108,000 on Tuesday to $92,000 on Friday. As is often the case, altcoins didn’t crash, quite the opposite.

Dogecoin and Ripple were among the worst performing assets at one point. The biggest meme coin was just north of $0.41 before the correction began, but it poured more than 35% to its Friday low of $0.26.

XRP’s price drop was almost identical, as the asset fell from $2.72 on Tuesday to $1.96, a 28% drop. However, both have bounced back from those lows, with DOGE trading near $0.34 (up 30%) and XRP at $2.3 (up 17%).

On-chain data shared by popular crypto analyst Ali Martinez shows that the whales tracking both assets didn’t stay on the sidelines, but actually built up. In the case of Ripple, they accumulated 80 million tokens since the pullback started on December 17th.

The whales bought 80 million $XRP since the price correction started on December 17th! pic.twitter.com/nakUKEIzYC

— Ali (@ali_charts) December 20, 2024

Dogecoin whales also opened their wallets accumulating over 250 million DOGE. These large purchases tend to positively affect the prices of the underlying assets due to decreased immediate selling pressure.

The whales bought more than 250 million #Dogecoin $DOGE during the recent market crash! pic.twitter.com/qH7JSkkdhK

— Ali (@ali_charts) December 21, 2024

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