XRP, a cryptocurrency fostered by Ripple Labs, garnered noteworthy investor interest today, April 23, as the token registered a considerable jump in whale activity in the past 24 hours. This spike in XRP whale activity, coming in tandem with Ripple’s recent decision to file an opposition against the U.S. SEC, ignited a frenzy among crypto market participants, stirring speculations over XRP’s price action ahead.

Meanwhile, the Ripple-backed token traded primarily in the green today, although it’s worth noting that Ripple’s lawsuit against the U.S. SEC prompted XRP’s sluggish performance over the past few years. Subsequently, as the lawsuit takes a new turn, accompanied by substantial whale activity surrounding the token, the broader crypto market braces for potential significant price action shifts ahead.

XRP Whales Shuffle 70 Mln Coins Igniting Inferences: Report

According to the insights revealed by the blockchain tracker Whale Alert, three substantial whale transactions collectively attributed to the shifting of nearly 70 million coins over the past day. The first transaction illustrated that 24.52 million XRP, worth $13.71 million, was accumulated by a whale from Binance, the world’s leading CEX. Whereas, the second transaction illustrated 26.40 million coins, worth $14.63 million, dumped by a renowned XRP whale to Bitstamp, a Luxembourg City-based CEX. Further, the third transaction showcased 19.18 million XRP, worth $10.45 million, accumulated by an unknown whale from Binance again.

Intriguingly, this chronicle gave rise to a tidal wave of speculations orbiting XRP’s price action ahead as the whales showcased bullish and bearish market sentiments in hand. As mentioned above, two whales accumulated notable amounts of XRP, whereas the other dumped notable amounts of the same token, painting an uncertain picture of XRP’s price ahead. Simultaneously, surfacing amid Ripple’s decision to file an opposition against the U.S. SEC, these whale transactions added fuel to the token’s enigmatic price trajectory in the future.

Notably, although Ripple agreed to pay a maximum penalty of $10 million, the US SEC initially called out civil penalties worth $876,308,712, further intensifying the legal tussle between the two entities. This gives rise to further speculations on XRP’s price ahead, as the company’s native token primarily bores the brunt of Ripple’s lawsuits. 

However, crypto market analyst Ali Martinez spotlighted that whale accumulations surrounding XRP have been burgeoning ever since the token slipped from $0.62 to $0.41, adding a dash of market optimism on the token’s price action ahead. It’s worth noting that renowned analysts also foresee the token hitting $1 in April, rationalizing the whale accumulations. This primarily portrays a ray of optimism on XRP’s price trajectory ahead.

$XRP dropped from $0.62 to $0.41, and #crypto whales took notice. They’ve bought over 31 million #XRP in just the past week! pic.twitter.com/3FCA3PR3hi

— Ali (@ali_charts) April 23, 2024

Also Read: Cardano Founder Charles Hoskinson Labels USDC As Early CBDC

XRP Price Soars

Meanwhile, as of writing, the XRP token’s price noted an uptick of 2.16% in the past 24 hours and is currently trading at $0.5452. The Ripple-backed token underscored a strong market uptrend today, recording a 3.05% upswing in its open interest, accompanied by a derivative volume surge of 49.46%.

This collectively birthed bullish sentiments for the token despite mixed sentiments by whale and Ripple’s legal chronicle, signaling that should further buying pressure prevail in the market, XRP remains poised for further pumps. Nonetheless, eyeing the turbulent nature of the crypto realm, crypto market enthusiasts continue to extensively eye the Ripple-backed token.

Also Read: XRP SEC Case Update: Ripple Accuses SEC of Violation, Lawyers Unveils End Date

The post XRP Whales Move 70 Mln XRP Amid Ripple’s Decision To File Opposition, What’s Next? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am