In an unprecedented development, following Ripple’s recent reply to the SEC regarding sealing key remedies-related documents in the XRP lawsuit, whale activity surfacing across the broader crypto market has taken investors by storm. Notably, over 320 million XRP was recorded to be moved by whales in the past 24 hours, with accumulations and dumps happening in hand.

This phenomenon has sparked a flurry of interest among crypto market enthusiasts while investors continue to speculate over XRP’s future price movements. So, let’s delve deeper into these whale transactions, which have ignited a full-swing market mania surrounding the Ripple-backed asset despite recent price fluctuations.

Whale Activity Spikes: Over 320 Mln Coins Moved

According to the insights offered by the blockchain transaction tracking platform Whale Alert, 320 million XRP was recorded to have been moved in the past 24 hours. It’s worth noting that the crypto town was already abuzz with Ripple’s ‘reply letter’ countering SEC, while these whale transactions have added to the buzz orbiting XRP.

Two prominent whales have been at the forefront of this activity, with one renowned address continuing to sell off tokens to Bitstamp and Bitso, while the other has been accumulating massive amounts of XRP from Kraken, a crypto exchange.

Notably, the whale ..Rzn, shifted 58.19 million XRP to Bitstamp and Bitso collectively via two transactions. On the other hand, the whale raFi32M accumulated a whopping 262.57 million XRP from Kraken in a single transaction.

Intriguingly, the massive accumulation has undermined the sell-off transactions, instilling investor optimism for XRP’s future movements. Meanwhile, recent reports by CoinGape Media have spotlighted similar enormous XRP accumulations in the month of May, primarily when the token slipped below the $0.53 price level. Even today, data illustrates that the colossal accumulation occurred when XRP slipped below the $0.53 price level.

This potentially hints at large-scale investors’ confidence in XRP pumping much above the current price levels. Meanwhile, the token continues to exhibit a sluggish movement at press time.

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XRP Price Plunges, What’s Next?

While writing, the XRP token’s price witnessed a fall of 1.33% in the past 24 hours and is currently trading at $0.5189. The token’s tumbled price movement primarily aligns with the broader crypto market’s movement today, while on-chain data further rationalizes the sluggish movement.

XRP Futures OI shows a 3.48% decrease to
$603.46 million today, followed by a derivatives market volume plunge of 0.57% to $817.80 million. This underlined reduced investor enthusiasm for the asset within the futures market, aligning with the token’s slumping movement.

Further, the RSI rested at around 46, pointing out that the asset is neither overbought nor oversold, although it might be witnessing slight downward pressure. Crypto market participants continue to view XRP’s future as uncertain, while the massive accumulations in recent days, such as the one mentioned above, have indeed added a bullish splash to the token’s future. It’s also worth noting that a couple of analysts expect the Ripple Labs-backed digital asset to top $1 shortly ahead.

Ripple’s reply to the U.S. SEC adds a layer of intrigue to the matter.

Also Read: 3 Altcoins To Sell Amid Bearish Sentiment

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