The price value of the world’s fourth largest cryptocurrency by market cap XRP recovered in the last month and entered into the downtrend in the first week of May. Many investors and traders have considered this a sign to purchase coins, as per new data revealed by Glassnode. As per the report, XRP worth $1.8 billion has been gathered by whales within the duration of just thirty days.
Whales Start Accumulating XRP Despite XRP’s Downtrend
XRP’s downtrend started at the beginning of this month and it’s still hanging out there. However, despite this poor performance shown by the fourth major cryptocurrency, whales did not back away from buying XRP and started accumulating them as the total accumulated amount has reached $1.8 billion.
The overall performance of XRP has been obscured during the first quarter of the current year. Reportedly, if we look at the year-to-date (YTD) performance of the coin, it has been up by just 1.17%. However, it is still below from its 2025’s highest value which it recorded in the month of January by touching the figure of $3.31.
Will the overall trend of XRP change over the course of the next few weeks? This is the question that every investor and trader is keeping in mind at the moment.
Open Interest Of XRP Crumbles
Though the purchasing pressure has been increased by whales with the accumulation of $1.8 billion XRP, the open interest of the fourth largest digital currency has crumbled. The open interest of XRP reached collapsed to the figure of 1.37 billion declining from its high of 1.52 billion.
XRP price is still in downtrend and traders are hoping to see the coin move out of this trend and start a bullish rally over the course of the next few days.