Ripple (XRP) left crypto enthusiasts scratching their heads on Thursday with a mysterious XRP whale activity involving a transaction of 100 million XRP tokens worth $57.92 million, the local media reported.
According to the details, XRP enthusiasts suspected foul play behind the curtains after an XRP whale moved 100 million XRPs. Despite the mysterious activity, many analysts believe that XRP’s recent partial victory in its long-standing legal scuffle with the US Securities and Exchange Commission (SEC) is set to open floodgates of price growth in the coming months. Others believe a lot is yet to be done to ensure a steady growth for Ripple and dubious XRP whale activity will not help the cause.
Dubious Whale Activity Leaves XRP Community Concerned
It wasn’t long ago when the XRP community celebrated Ripple’s partial victory in its much-hyped legal battle against the US SEC. Since then, the XRP price has fluctuated around $0.51 to $0.62. However, a major development left the community concerned on Thursday when an XRP whale moved 100 million XRP tokens worth $57.92 million to a crypto exchange Bitso, Whale Alert, a leading crypto tracking service reported.
Whale Alert flagged the massive transaction to Bitso, which took place on September 19, 2024, involving a wallet linked to Ripple. This wasn’t a one-off incident. The same wallet was involved in a similar transaction earlier in the week, transferring 50 million XRP tokens to the identical recipient address. That recipient wallet is also making strategic big movements, moving around 19.9 million XRP tokens to another Ripple wallet besides sending smaller chunks to Bitso and Bitstamp crypto exchanges.
The Timing of XRP Whale Movement Holds the Key
Crypto community is abuzz with speculations about the timing of whale’s movements. Many questioned the background action behind these moves while many speculated about something big to follow the whale activity. Is Ripple about to make a major announcement? Are these tokens being made available for sale? Will this whale activity lead to the XRP price fluctuations?
And that’s not all! Another XRP whale deposited 95 million XRP tokens to Binance on September 5, followed by another player moving 105 million XRP tokens to an unrecognized address two days later. Although whale activity isn’t directly proportional to major price swings, the XRP community is rightfully concerned because such large-scale XRP selloff on different crypto exchanges could lead to southward price pressure on the XRP price.
Analysts Divided on Future of XRP Price
While Ripple whales are busy moving XRP tokens to different exchanges and crypto enthusiasts, in general, and XRP community, in particular, are raising eyebrows, crypto market analysts are closely monitoring the situation. However, they are not unanimous in their approach and outcomes. While many cite XRP’s recent SEC triumph and whale interest as the possible triggers for the XRP price to scale new highs, many others believe these developments are not as rosy as some paint.
The legal clarity after XRP’s slight triumph over the SEC cleared the air on the legal front for Ripple. They highlight the recent XRP rally as a sign for the next bull run, claiming user confidence in the XRP token in inflating. Moreover, they also take inspiration from Ripple’s worldwide partnerships and its dominant position on the cross-border payment front to paint a positive picture for crypto community.
On the other hand, the cautious analysts are interested more in what meets the eye. They dig deep to concentrate on price fundamentals and market trends to paint a more realistic picture for XRP traders. They argue that while the Ripple’s victory over SEC was significant, the crypto project isn’t out of the woods yet. They suspect the SEC to take the legal matter forward through appeals and additional legal challenges in the court. Similarly, they tone down the XRP whale activity as an element of uncertainty because large-scale selloff is likely to create selling pressure going forward for the seventh-largest cryptocurrency by market capitalization.
The Final Word
Irrespective of what crypto enthusiasts and crypto analysts believe, XRP is proving everyone wrong with its recent rise. Its legal victory has contributed largely to the XRP price surge, which was seen trading at $0.5929 at 13:45 pm EST on Thursday, according to the Coinmarketcap data. Amid recent gains, analysts are mostly divided on the future price movements. Some say Ripple price is on its way to hit a new all-time high whereas others think the recent XRP whale activity and overall bearish market sentiments might weigh in to clip XRP’s wings.
Overall, XRP believers enjoy gains in the wake of recent gains but they must keep their eyes open for any factor that might send XRP price southward. One thing is certain amid all this drama: the world of XRP is never short on excitement. Stay tuned to TheBITJournal for more updates and developments about Ripple’s legal battles, global expansion, and XRP whale movement.
