Speculation Surrounding XRP’s Future Price Intensifies as Whales Make Massive Transactions
Amidst recent developments in the legal battle and market dynamics, an analyst predicts bullish trends for XRP. Ripple’s recent response to the SEC, in which they requested to seal crucial documents related to the XRP litigation, has triggered significant activity among large-scale cryptocurrency traders known as whales. In the past 24 hours, whales have been observed exchanging approximately 320 million XRP, including both acquisitions and sales.
This phenomenon has captured the attention of cryptocurrency enthusiasts, who are eagerly speculating on the future price movements of XRP. Despite previous fluctuations, the whale transactions have ignited a frenzy in the Ripple-backed commodity market.
According to data provided by the blockchain transaction monitoring service Whale Alert, a staggering 320 million XRP has been exchanged in the last 24 hours. The response letter from Ripple to the SEC has amplified the excitement surrounding XRP, as significant transactions are being closely monitored.
Two prominent whales have dominated these activities. One account has been accumulating substantial amounts of XRP from the cryptocurrency exchange Kraken, while the other has been selling tokens to Bitstamp and Bitso, as previously reported by CNF. In particular, the whale named “Rzn” transferred 58.19 million XRP to Bitstamp and Bitso in two transactions. On the other hand, the whale known as “raFi32M” made a single transaction, acquiring 262.57 million XRP from Kraken.
Investors are optimistic about the future movements of XRP due to the significant accumulation that surpasses the sell-off transactions. Similar massive accumulations of XRP occurred in May when the currency’s price dropped below $0.53. Data indicates that a similar accumulation is currently taking place.
According to CoinMarketCap, as of now, the price of XRP stands at approximately $0.5185, experiencing a decrease of 0.56% in the last 24 hours and 0.89% over the previous week.
Meanwhile, well-known crypto analyst Alex Cobb has identified a potential major surge on the monthly price chart of XRP that could break above a triangle formation. Cobb highlights several factors that contribute to an optimistic future for Ripple’s token, including its unique legal clarity in the United States, the all-time low of its RSI (Relative Strength Index), its potential as the next ETF product, the imminent resolution of the SEC lawsuit, and the upcoming launch of Ripple’s stablecoin.
Furthermore, a recent analysis by CNF revealed that the increased usage of the XRP Ledger (XRPL) has not had a positive impact on the price of XRP.