Cryptocurrency analyst and trader Ali Martinez, known on the X platform under the name @ali_charts, has published a chart provided by on-chain aggregator Santiment.

Whales go on massive XRP buying spree

This chart shows that over the past month, large XRP whales, which hold between 10 million and 100 million XRP tokens, have accumulated approximately 900,000,000 XRP. The accumulation, according to the chart, was made between roughly April 2 and May 2.

The chart shows a massive surge in cryptocurrency whale activity compared to the previous week, when the curve of XRP accumulation is going mostly flat. The XRP buying activity over the past month aligns with the rising price of the Ripple-affiliated cryptocurrency.

A total of 900 million XRP is roughly equivalent of $459 million in fiat. An accumulation of this much XRP could indicate institutions’ large boost in confidence in XRP. Over the past few days, the fourth-largest cryptocurrency, XRP, has staged an increase of 4.51%, rising from $2.12, and is changing hands at $2.22 as of press time.

Ripple raises Circle accumulation bid to $20 billion

As reported by U.Today, earlier this week, Ripple blockchain behemoth offered a historic deal to the second-largest dollar-pegged stablecoin USDC, Circle, an acquisition deal worth between $4-5 billion.

Circle rejected the deal, believing that this price undervalues the company, which is basically Ripple’s closest rival in the stablecoin business. This acquisition attempt was undertaken after Circle filed for an initial public offering (IPO) at the start of April.

Now, multiple sources report that Ripple has rapidly increased the bid to buy Circle from $5 billion to $20 billion, eager to use this acquisition as a stage for expanding in the stablecoin market.