XRP Whales Hoard 47M Tokens, Reversal On The Horizon?

XRP, the digital asset associated with Ripple, experiencing notable whale activity amidst price fluctuations. Recent blockchain data has revealed significant movements of tokens, with XRP whales accumulating over $20 million worth of tokens amid price drop. This then raises speculations of a reversal insight.

XRP Whales Market Activity and Whale Movements

Whales have recently acquired approximately 47 million XRP tokens, valued at $25.86 million. This accumulation comes at a time when its price has experienced both declines and gains, sparking speculation about a potential market reversal.

On-chain transactions tracker Whale Alert reported two major transfers to unknown wallet addresses. The first transaction saw 22 million tokens ($12.08 million) moved from Upbit to wallet “r418…pVGH“. In the second transfer, 24.8 million tokens ($13.7 million) was sent from Binance to wallet “rfQ9…k8Cvi“. This substantial accumulation by XRP whales during a price dip suggests that some large investors see current prices as an attractive entry point, possibly anticipating price reversals.

However, the market sentiment remains mixed. Concurrent with these accumulations, other whales have sold approximately 75 million tokens to exchanges including Bitstamp, Bitget, and Bitso. This selling activity is viewed by some analysts as profit-taking, a common strategy among traders.

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Current Market Performance and Related Developments

As of the latest data, XRP price is trading at $0.5494, with a 24-hour trading volume of $2.1 billion. The token has experienced a 4.90% price decline over the past day, but maintains a 17.94% increase over the week. With a circulating supply of 56 billion XRP, the cryptocurrency’s market capitalization stands at $30.7 billion.

In related news, the Securities and Exchange Commission cancelled a closed-door meeting scheduled. While this meeting was not specifically focused on Ripple, its cancellation, combined with Ripple’s recent transfer of 150 million tokens, has fueled speculation about a potential settlement in the ongoing legal case.

The cryptocurrency community is also closely watching developments related to Ethereum ETFs. Several Ethereum ETFs have received preliminary approvals, with all issuers completing S-1 requirements. These Ether ETFs are expected to start trading on July 23, potentially impacting the broader cryptocurrency market, including XRP.

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