XRP’s recent price fluctuation and Ripple’s lawsuit relief have led crypto market whales to buy more, giving them hope for future movements.
In a move that offers a glimmer of optimism for the future of XRP’s price, whales have continued to acquire substantial quantities of the cryptocurrency amid a positive atmosphere for the Ripple community.
The Ripple XRP lawsuit was transferred to the magistrate judge for settlement, according to on-chain data, resulting in the accumulation of nearly 130 million XRP.
During the development, Ripple CEO Brad Garlinghouse expressed a great deal of optimism, which in turn sparked a significant amount of investor interest as the whale activity increased.
The following is a summary of the developments that have sparked speculation regarding the XRP’s future price trajectory.
Whale Accumulations Spark Optimism
The accumulation of 129.77 million XRP by three whales in the past 24 hours was the subject of numerous posts on X by Whale Alert.
The strategic accumulation of XRP is what is particularly intriguing about these whale addresses.
These addresses have been methodically accumulating the Ripple-backed asset since the token slipped near the $0.5 support.
Furthermore, even after XRP fell to $0.4, they continued to accumulate, implying a possible buy-the-dip strategy.
The address rarG6FaeYh, a renowned XRP whale, seized an additional 51.62 million coins worth $25.26 million from Binance, according to the data.
At the same time, the address rfQ9EcLkU6, which is also a well-known XRP whale, sacked 26.24 million coins from the same exchange, worth $12.82 million.
Additionally, the address rhWj9gaovw has amassed 51.91 million XRP, which is equivalent to $25.41 million.
This accumulation has instilled a sense of market confidence in the asset among larger investors.
Simultaneously, the Ripple CEO’s declaration of “the big win” in a post on X has tipped the scales in favor of XRP.
Notably, “all class action claims in the suit were dismissed, and absolutely nothing in the decision negates or changes the fact that XRP is, in and of itself, not a security (per the NY Court decision),” Brad stated.
The Ripple CEO further asserts that the California ruling dispersed all allegations that held Ripple a violator of federal securities law by selling XRP.
However, the remaining matter, a state law claim, continues to linger.
XRP Price Moves Sideways
Despite the substantial accumulations and Ripple’s lawsuit relief, the XRP price was unable to establish significant upward momentum.
XRP was trading at $0.4873, a 0.40% decrease, at the time of this writing.
Its 24-hour lows and highs were $0.48 and $0.4949, respectively, indicating a relatively confined trading session.
Coinglass experienced a 1.80% increase in its Futures OI, while the derivatives volume decreased by 5.13%.
Furthermore, this data is consistent with the token’s volatile movement.
Meanwhile, the RSI further rationalized the XRP’s volatility, resting at 43.
This suggested a more generalized neutrality, with a modest downward pressure on the asset.
Crypto market participants continue to closely monitor the token for potential future changes, anticipating a more robust movement in the future as a result of the abovementioned developments.