After the protracted consequences of the FTX collapse, the news of its founder’s arrest seems to have jolted the cryptocurrency market, including the XRP token, leading crypto traders and investors to wonder whether bullish trading would continue.

One of the indicators of XRP’s future price is the activity of its whales, who took advantage of the token’s recent price retracement to increase their holdings, suggesting that they could be expecting the price to increase in the near future, per a report by the crypto analytics platform Santiment published on December 13.

In addition, the report included a chart demonstrating the growth in whale activity as compared with the XRP price action. According to the chart, the supply held by whale holders (holding between 100,000 and 10 million XRP) grew from 16.7% to 18.29% in five weeks as of December 11.

Indeed, observing that a significant price surge of the Ripple-issued decentralized finance (DeFi) asset against the rest of the markets in late September and early October was followed by a retracement, the report stated that:

“And as soon as its price started to retrace, whale addresses holding 100k to 10m XRP began to really increase their holdings in a hurry. It wouldn’t be terribly surprising for XRP to have another run in it, considering the increase in these whale addresses’ supply held went from 16.7% to 18.3% in 5 weeks.”