Mysterious XRP whale activity has analysts at a crossroads over long-term predictions
Ripple (XRP) left cryptocurrency enthusiasts scratching their heads on Thursday with the mysterious XRP Whale activity that involved the transaction of 100 million XRP tokens worth $57.92 million, local media reported.
According to details, XRP enthusiasts suspected foul play behind the scenes after an XRP whale moved 100 million XRP. Despite the mysterious activity, many analysts believe that XRP’s recent partial victory in its long-running legal battle with the U.S. Securities and Exchange Commission (SEC) will open the floodgates for a price rally in the coming months. Others believe that much more needs to be done to ensure Ripple’s sustainable growth, and the questionable activity of XRP whales will not help matters.
Questionable whale activity worries the XRP community
Not long ago, the XRP community celebrated Ripple’s partial victory in its tumultuous legal battle against the US SEC. Since then, the price of XRP has fluctuated between $0.51 and $0.62. However, on Thursday, a major event caused concern in the community when an XRP whale moved 100 million XRP tokens worth $57.92 million to the Bitso crypto exchange, according to Whale Alert, a leading cryptocurrency tracking service.
Whale Alert flagged a massive Bitso transaction that took place on September 19, 2024, using a wallet associated with Ripple. This was not a one-off incident. The same wallet was involved in a similar transaction earlier in the week, transferring 50 million XRP tokens to an identical recipient address. This recipient wallet is also making large strategic moves, moving about 19.9 million XRP tokens to another Ripple wallet, in addition to sending smaller portions to cryptocurrency exchanges Bitso and Bitstamp.
XRP Whale Movement Timing is Key
The crypto community is abuzz with speculation about the timing of the whales’ movements. Many have questioned the premise of these moves, while many have speculated that something big will follow the whale activity. Is Ripple about to make a major announcement? Are these tokens available for sale? Will this whale activity cause XRP price fluctuations?
And that’s not all! Another XRP whale deposited 95 million XRP tokens on Binance on September 5, and two days later, another player moved 105 million XRP tokens to an unidentified address. While whale activity is not directly proportional to significant price movements, the XRP community is rightly concerned that such large-scale XRP sell-offs on various cryptocurrency exchanges could put downward pressure on the XRP price.
Analysts are divided on the future of XRP's price
While Ripple whales are busy moving XRP tokens to various exchanges, and crypto enthusiasts in general and the XRP community in particular are watching, crypto market analysts are closely monitoring the situation. However, they are not unanimous in their approaches and results. While many point to the recent XRP SEC triumph and whale interest as possible triggers for XRP prices to reach new highs, many others believe that these events are not as rosy as some paint them.
The legal clarity following XRP’s minor triumph over the SEC has cleared the air on the legal front for Ripple. They are highlighting XRP’s recent rise as a sign of further growth, arguing that users trust the XRP token in inflation. Moreover, they are also drawing inspiration from Ripple’s global partnerships and its dominant position on the cross-border payments front to paint a positive picture for the cryptocurrency community.
On the other hand, cautious analysts are more interested in what is visible. They are digging deep to focus on fundamental price and market trends to paint a more realistic picture for XRP traders. They argue that while Ripple’s victory against the SEC was significant, the crypto project is not out of the woods yet. They suspect that the SEC is pushing the legal case through appeals and additional legal challenges in court. Similarly, they are mitigating the XRP whale activity as an element of uncertainty, as a massive sell-off is likely to put selling pressure on the seventh-largest cryptocurrency by market cap.
Final word
Regardless of what crypto enthusiasts and crypto analysts believe, XRP is proving everyone wrong with its recent surge. Its legal victory has largely contributed to the jump in XRP’s price, which was trading at $0.5929 as of 1:45 p.m. ET on Thursday, according to Coinmarketcap. Amid the recent surge, analysts are largely divided on the future price action. Some say Ripple’s price is about to hit a new all-time high, while others believe that recent XRP whale activity and the overall bearish sentiment in the market could weigh on XRP.
Overall, XRP supporters are enjoying the gains from the recent rally, but they should keep their eyes peeled for any factors that could push XRP’s price south. Amidst all this drama, one thing is for sure: there is never a shortage of excitement in the XRP world. Stay tuned to TheBITJournal for more updates and developments on Ripple’s legal battles, global expansion, and XRP whale movements.
