The Ripple vs. SEC lawsuit continues to churn out drama, with recent whale activity sending shockwaves through the XRP community. Over 320 million XRP tokens were shuffled by whales in the past 24 hours, a phenomenon coinciding with Ripple’s response to the SEC regarding key lawsuit documents.
This flurry of whale movement, with both accumulations and dumps, has ignited a frenzy of speculation about XRP’s future price trajectory. Let’s dissect these transactions and understand what they might signal for the Ripple-backed asset.
Whales on the Move: Accumulating and Dumping Millions
Blockchain data reveals a significant movement of 320 million XRP within a single day, according to Whale Alert. This activity coincides with the already buzzing news of Ripple’s response to the SEC, further amplifying the focus on XRP.
Two major whales have emerged as key players: one selling off tokens to exchanges like Bitstamp and Bitso, while the other aggressively accumulates XRP from Kraken. Notably, the whale “raFi32M” gobbled up a staggering 262.57 million XRP in a single transaction from Kraken, overshadowing the 58.19 million XRP sold off by another whale.
Also Read: XRP (Almost) Ready to Rocket! Chart Signals Bullish Breakout As Whales Accumulate $30M in 24 Hours
Accumulation Signals vs. Short-Term Price Slump
This significant accumulation by “raFi32M” seems to be overshadowing the selling pressure, potentially instilling investor optimism for XRP’s long-term prospects. Similar large-scale accumulations were observed in May, particularly when the token dipped below $0.53, hinting at investor confidence in XRP’s potential to climb above current levels.
However, despite the whale activity, XRP’s price currently exhibits sluggishness. At the time of writing, the token experiences a 0.41% price drop (7 Days) , trading at $0.5216. This aligns with the broader crypto market slump, and on-chain data paints a picture of reduced investor enthusiasm in the futures market for XRP.
Is This a Bullish Omen or Market Noise?
The jury’s still out on what XRP’s future holds. While the recent massive accumulations like “raFi32M’s” might suggest a bullish outlook, the token’s current price movement remains subdued. Additionally, some analysts predict XRP could surpass $1 soon.
The ongoing Ripple vs. SEC lawsuit adds another layer of intrigue to the situation. With whale activity amping up the noise, investors should closely monitor both price movements and regulatory developments before making any investment decisions.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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