Speculation Surrounds XRP’s Future Price Amid Whale Transactions
There is growing speculation about the future price of XRP as a result of recent whale transactions, fueled by Ripple’s response to the SEC. In the past 24 hours, whales have transferred a staggering 320 million XRP, leading to excitement and frenzy in the cryptocurrency market.
According to Whale Alert, a blockchain transaction monitoring service, these transactions have been closely watched due to the importance of the documents linked to the XRP litigation. Two prominent whales have been at the forefront of these activities. One whale has been accumulating large amounts of XRP from Kraken, while the other has been selling tokens to Bitstamp and Bitso.
In particular, a whale named “Rzn” made two transactions, transferring 58.19 million XRP to Bitstamp and Bitso. On the other hand, the whale known as “raFi32M” made a single transaction, acquiring 262.57 million XRP from Kraken.
Despite the fluctuations in price, investors remain optimistic about XRP’s future movements, as the accumulation of tokens has outweighed the sell-offs. Similar massive accumulations occurred in May when the currency’s price dropped below $0.53. This trend continues to be observed.
Currently, the price of XRP stands at around $0.5185, showing a decrease of 0.56% in the last 24 hours and 0.89% over the previous week, according to CoinMarketCap.
Crypto analyst Alex Cobb is also optimistic about Ripple’s token, noting several factors that indicate a positive future. These factors include XRP’s legal clarity in the US, the RSI hitting an all-time low, the potential for it to become the next ETF product, the expected conclusion of the SEC lawsuit, and the upcoming launch of Ripple’s stablecoin.
Despite the increased usage of the XRP Ledger, as highlighted in a recent CNF analysis, it has not had a significant impact on the price of XRP.