Speculation Surrounds XRP’s Future Price as Large Whale Transactions Take Place
A forecast by an analyst suggests a bullish trend for XRP, driven by legal clarity and market dynamics.
The recent response from Ripple to the SEC, requesting the sealing of crucial documents related to the XRP litigation, has sparked significant activity among whales. In the past 24 hours, approximately 320 million XRP has been transferred by these whales, including both accumulations and dumps.
This phenomenon has captured the interest of cryptocurrency enthusiasts, who are eagerly speculating on the future price movements of XRP. Despite previous fluctuations, these whale transactions have ignited a frenzy in the Ripple-backed commodity market.
Insights from Whale Alert
According to data provided by the blockchain transaction monitoring service Whale Alert, 320 million XRP has been exchanged in the last 24 hours. The “reply letter” from Ripple to the SEC has heightened excitement surrounding XRP, as important transactions are being closely monitored.
Two well-known whales have been leading 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 made two transactions, transferring 58.19 million XRP to Bitstamp and Bitso. On the other hand, the whale raFi32M conducted a single transaction, acquiring 262.57 million XRP from Kraken.
Market Impact and Analysis
Investors are optimistic about the future movements of XRP due to the significant accumulation that has overshadowed the sell-off transactions. Similar large-scale XRP accumulations occurred in May when the currency’s price dropped below $0.53. Current data indicates that massive accumulation is happening once again.
According to CoinMarketCap, the price of XRP is currently around $0.5185, showing a decrease of 0.56% in the last 24 hours and 0.89% over the previous week.
Meanwhile, on the monthly price chart of XRP, well-known crypto analyst Alex Cobb has identified a potential major surge that could break out of a triangle formation.
Cobb highlights several factors that suggest a positive future for Ripple’s token, including its distinct legal clarity in the US, the RSI hitting an all-time low, the potential for it to become the next ETF product, the imminent resolution of the SEC lawsuit, and the upcoming launch of Ripple’s stablecoin.
Additionally, despite a recent analysis showing increased usage of the XRP Ledger (XRPL), it has not yet had a positive impact on the price of XRP.