While the ripple Case Goes to the Magistrate, Whales Are Hoarding 130 Million Money, What’s Next?
In a hopeful move for XRP’s future price movements, whales have continued to collect large amounts of the cryptocurrency amid an optimistic mood for the Ripple community. On-chain data shows that approximately 130 million XRP was accumulated as the Ripple XRP case was handed over to the magistrate for settlement. Ripple CEO Brad Garlinghouse expressed great optimism about the development at a time when whale activity is increasing and attracting investor interest.
Here is an overview of the emerging developments that have fueled speculation regarding the future price trajectory of XRP.
Whale Accumulation Sparks Optimism
According to Whale Alert’s numerous posts on X, it was revealed that three whales had collectively accumulated 129.77 million XRP in the last 24 hours.
What’s particularly interesting about these whale addresses is their strategic accumulation of XRP. These addresses have been steadily accumulating the Ripple-backed asset since the token dropped near the $0.5 support. Moreover, they continued to rally more even as XRP fell to the $0.4 level, signaling a potential buy-the-dip strategy.
According to data, address rarG6FaeYh, a famous XRP whale, seized an additional 51.62 million tokens from Binance, worth $25.26 million. Meanwhile, another well-known XRP whale, address rfQ9EcLkU6, also seized 26.24 million tokens worth $12.82 million from the same exchange. Additionally, address rhWj9gaovw accumulated 51.91 million XRP worth $25.41 million, solidifying market confidence in the asset among large-scale investors.
Simultaneously, the “big gain” tipped the scales towards the optimistic side for XRP, as the Ripple CEO reiterated in his post on X.
Notably, “all class action claims in the case were dismissed, and nothing in the decision negates or alters the fact that XRP is not a security per se (per the NY Court ruling),” Brad said. The Ripple CEO added that the California decision further dispels any allegations that portray Ripple as violating federal securities law by selling XRP.
But the remaining issue arises, the state law claim.
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XRP Price Is Moving Sideways
Despite significant savings and litigation assistance from Ripple, the XRP price has failed to gain significant upward momentum. At the time of writing, XRP was trading at $0.4873, down 0.40%. The 24-hour low and high were $0.48 and $0.4949, highlighting a tight trading session.
Coinglass showed a 1.80% increase in the token’s Futures OI, while derivative volume fell 5.13%. This data is also consistent with the turbulent movement of the token.
Meanwhile, the RSI remains at 43, further rationalizing XRP’s volatility. This indicated broader neutrality, with slight downward pressure on the asset.
Crypto market participants continue to heavily monitor the token for future changes, hoping to see a stronger move ahead as the above-mentioned developments gain weight.
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