XRP Whales Move 283M Coins Amid Price Flux, Is A Bull Run Possible?

XRP, a cryptocurrency backed by Ripple Labs, has garnered significant attention among crypto market participants today, May 20, as whales shuffled noteworthy amounts of the crypto to and fro exchanges. The whales’ transaction, emerging amid a highly turbulent price movement witnessed by XRP, has ignited a bustle among crypto market participants who are eyeing the token for potential gains.

Notably, the transactions have added mixed market sentiments to the token’s future price action as they indicate accumulation and a dump in hand. Besides, amid this chronicle, a renowned crypto market analyst anticipated a looming bull run for the Ripple-backed token.

Let’s delve deeper into XRP’s current market trends and statistics.

Whale Transactions Ignite Market Frenzy

According to the on-chain data revealed by Whale Alert, a staggering 283 million XRP was recorded to be shifted via a couple of transactions in the past 24 hours.

Among these transactions, 33 million XRP, worth $16.76 million, was moved to Bitstamp by a renowned XRP whale, …Rzn. Notably, this whale’s XRP dumps to Bitstamp and Bitso have emerged as a recurring phenomenon within the crypto realm following Ripple’s stake acquisition in the mentioned exchange. Further, numerous reports by CoinGape Media have also spotlighted the abovementioned whale’s repeated deposits to Bitstamp for quite some time now.

On the other hand, another unknown address, r99QSej, accumulated a whopping 250 million XRP, worth $129 million, from Coincheck, a Japanese exchange. Collectively, the massive spike in whale activity today, May 20, has birthed additional speculations as parties in the Ripple vs U.S. SEC lawsuit remain poised to file letter briefs in opposition to omnibus-letter motions today.

Meanwhile, XRP traded in the red, adding to the enigma over its price movements ahead.

Also Read: Crypto Prices Today May 20: Bitcoin & Ethereum Remain Steady, Pendle Soars

XRP Price Slips, What’s Next?

As of writing, XRP’s price trajectory illustrated a dip of 1.77% in the past 24 hours and is currently trading at $0.5122. The token’s 24-hour lows and highs are $0.5075 and $0.5227, respectively.

Intriguingly, a renowned crypto market analyst, Dark Defender, posted on X, spotlighting a bullish trend for XRP in the pipeline. The analyst proclaimed that the XRP/BTC pair rested at a support level yesterday, suggesting a potential reversal in price direction. Moreover, looking at the Bitcoin dominance chart in a 3-month time frame per candle, it can be seen that BTC has rejected the ultimate resistance line since 2016. “We expect a reversal from the current level of 56% to 44% by the end of the year,” the analyst added. Concerning this, the drop in dominance is viewed as an interpretation of the XRP bull run by the analyst, attributed to investors potentially diversifying portfolios away from BTC.

Also Read: Bitcoin Is Providing the Final Bargain Opportunity Before Post-Halving Rally

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