XRP, backed by Ripple Labs, has seen sluggish trading in the past 24 hours, with its price showing a downward trend. Amid this volatility, whales have moved 283 million XRP, creating a buzz in the crypto community. On May 20, these significant transactions have caught the attention of market participants, sparking speculation about potential gains for the token.
Whale Transactions Ignite Market Frenzy
According to on-chain data from Whale Alert, a staggering 283 million XRP was moved in the past 24 hours through a couple of significant transactions. Among these, 33 million XRP, worth $16.76 million, was transferred to Bitstamp by a well-known XRP whale identified as …Rzn. This whale’s repeated transfers to Bitstamp and Bitso have become a recurring pattern, especially after Ripple acquired a stake in these exchanges. CoinGape Media has frequently reported on this whale's deposits to Bitstamp.
In another notable transaction, an unknown address, r99QSej, accumulated 250 million XRP, worth $129 million, from Coincheck, a Japanese exchange. The surge in whale activity on May 20 has fueled further speculation, particularly as parties in the Ripple vs. U.S. SEC lawsuit prepare to file letter briefs in opposition to omnibus-letter motions.
XRP Price Slips, What’s Next?
As of writing, XRP’s price has dipped by 1.77% in the past 24 hours, currently trading at $0.5122. The token's 24-hour lows and highs were $0.5075 and $0.5227, respectively. Despite the price slip, there are indicators suggesting a potential bullish trend ahead.
Renowned crypto market analyst, Dark Defender, highlighted on X that the XRP/BTC pair rested at a support level, indicating a possible price reversal. Additionally, the Bitcoin dominance chart, observed over a three-month period per candle, shows that BTC has repeatedly rejected its ultimate resistance line since 2016. The analyst predicts a reversal from the current dominance level of 56% to 44% by the end of the year. This expected drop in BTC dominance is seen as a bullish signal for XRP, as investors may diversify their portfolios away from Bitcoin.
Conclusion
The significant movement of 283 million XRP by whales has stirred the market, leading to mixed sentiments about the token’s future price action. While the current price trend shows a dip, the potential for a bullish reversal remains, fueled by strategic whale accumulations and market dynamics. Investors will be closely watching these developments to gauge the possibility of an impending bull run for XRP.
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“