Amidst positive sentiment among the Ripple community, whales have been amassing massive quantities of XRP. This development may hold promise for the cryptocurrency’s future price fluctuations. According to on-chain statistics, nearly 130 million Ripple may have been amassed as the Ripple case was transferred to the magistrate judge for resolution. Ripple CEO Brad Garlinghouse expressed great confidence about the development, which coincided with a huge increase in whale activity and investor interest.
This is a summary of the events that led to conjecture over the future price trajectory of XRP.
Whale Gatherings Encourage Hope
In multiple posts on X, Whale Alert revealed that three whales had amassed 129.77 million XRP in the last twenty-four hours.
These whale addresses are incredibly fascinating because of their calculated XRP accumulation. They have been gradually accumulating the asset backed by Ripple ever since the token dipped close to the $0.5 support level. Additionally, they kept accumulating more even after XRP dropped to $0.4, suggesting they may be planning a buy-the-dip approach.
The data indicates that a well-known Ripple whale, address rarG6FaeYh, stole an extra 51.62 million coins valued at $25.26 million from Binance. In the meantime, another well-known XRP whale, address rfQ9EcLkU6, stole 26.24 million coins from the same exchange, valued at $12.82 million. In addition, the address rhWj9gaovw amassed 51.91 million XRP, or $25.41 million, indicating that big investors continue to believe in the commodity.
Simultaneously, “the big win,” as the CEO of Ripple emphasized in a post on X, has tipped the scales in favour of Ripple.
According to Brad, “all class action claims in the suit were dismissed, and absolutely nothing in the decision negates or changes the fact that XRP is, per the NY Court decision, not a security in and of itself.” The CEO of Ripple goes on to say that the California decision further refuted any claims that Ripple had broken federal securities law by selling Ripple.
But there’s still a claim based on state law.
The price of XRP is sideways
Even with the significant accumulations and Ripple’s litigation relief, the price of XRP could not experience a meaningful upswing. I wrote that XRP was down 0.40%, trading at $0.4873. It highlighted a tight trading session with 24-hour lows and highs of $0.48 and $0.4949, respectively.
According to Coinglass, the token’s Futures OI increased by 1.80%, while the derivatives volume decreased by 5.13%. This data is consistent with the token’s volatile movement.
At 43, the RSI provided more support for Ripple’s volatility. This suggested that there would be some downward pressure on the asset and wider neutrality.
With the aforementioned occurrences bearing down, cryptocurrency market participants are still closely monitoring the token for potential future changes and hoping to witness a strengthened march forward.
