Ripple, Dogecoin Whales buy the dip as XRP, DOGE prices rise

TL:DR;

Investors with more convictions for certain assets tend to use deeper corrections to stack more coins, and this seems to be the case with the two biggest cryptocurrencies – DOGE and XRP. Data on the chain shows that during the recent market downturn, big wallets poured millions into both.

The market-wide crash that began in the middle of the trading week surprised many and saw multibillion-dollar losses in two instances.

All crypto assets have headed south, with BTC leading the way after dropping above $108,000 on Tuesday to $92,000. As usual, altcoins are not saved, but on the contrary.

Dogecoin and Ripple were once among the worst performing assets. Before the correction, the largest meme coin was standing north of $0.41, but has dropped more than 35% to Friday's low of $0.26.

XRP's decline was similar when the asset fell from $2.72 to $1.96 on Tuesday, a 28% decline. However, both have risen from those lows, with DOGE trading at $0.34 (up 30%) and XRP at $2.3 (up 17%).

On-chain data shared by renowned crypto analyst Ali Martinez shows that the whales tracking both assets are not sitting on the sidelines, but have actually gone on stock. In Ripple's case, they've accumulated over 80 million tokens since its relaunch on December 17th.

Since the price correction began on December 17, whales have bought $80 million of XRP! pic.twitter.com/nakUKEIzYC

— Ali (@ali_charts) December 20, 2024

Dogecoin whales have opened their wallets, accumulating more than 250 million DOGE. Such large purchases have a positive effect on the value of the property as the sales pressure decreases immediately.

Whales bought over 250 million #Dogecoin $DOGE during the recent market flood! pic.twitter.com/qH7JSkkdhK

— Ali (@ali_charts) December 21, 2024