XRP has seen sluggish trading over the last 24 hours, with its price showing weak movement. During this decline, whales transferred 333 million XRP, sparking attention.
These transactions have stirred mixed feelings about the token’s future price, as they suggest both accumulation and dumping. Furthermore, amidst these developments, a well-known crypto market analyst predicted an upcoming bull run for the Ripple-backed token.
Whale Movements Spark Market Excitement
Whale Alert’s on-chain data showed a massive 333 million XRP transferred in the last 24 hours. One notable transaction involved 33 million XRP, valued at $16.76 million, moved to Bitstamp by a well-known XRP whale, Rzn. Interestingly, this whale’s XRP transfers to Bitstamp and Bitso have become a regular occurrence in the crypto world after Ripple acquired a stake in these exchanges.
Additionally, various reports have consistently highlighted the aforementioned whale’s frequent deposits to Bitstamp over an extended period. In contrast, another unidentified address, r99QSej, accumulated a significant 250 million XRP, valued at $129 million, from Coincheck, a Japanese exchange. Meanwhile, the unknown address rP4X2hTa7A received 50 million XRP, worth $25.69 million, from Ripple.
Collectively, the massive spike in whale activity today, May 20, has sparked additional speculations. Parties in the Ripple vs U.S. SEC lawsuit are currently poised to file letter briefs in opposition to omnibus-letter motions today. Meanwhile, XRP traded in the red, contributing to uncertainty regarding its future price movements.
XRP Price Declines: What Comes Next?
XRP’s price has dipped by 1.77% over the last 24 hours, currently trading at $0.5122. Its 24-hour range shows lows of $0.5075 and highs of $0.5227.
Notably, a well-known crypto market analyst, Dark Defender, recently shared insights on XRP, suggesting a bullish trend ahead. The analyst highlighted that the XRP/BTC pair found support at a crucial level, hinting at a possible reversal in price direction.
Read Also: XRP Ledger Transactions Jumps 108% in Q1 2024
Additionally, analyzing the Bitcoin dominance chart over a 3-month timeframe, the analyst noted that BTC has consistently rejected the ultimate resistance line since 2016. Defender added that a reversal from the current level of 56% to 44% is anticipated by the end of the year. The analyst sees this drop in dominance as a sign of an upcoming XRP bull run, suggesting that investors may diversify their portfolios away from BTC.
