According to on-chain data from Whale Alert, about 300 million XRP was transferred via several transactions in the past 24 hours.
XRP has drawn significant attention from crypto market participants due to substantial transactions by whales moving large amounts of tokens to and from exchanges. These transactions have occurred during a period of highly volatile price movements for XRP, sparking interest among traders looking for potential gains.
The whale activities have introduced mixed sentiments regarding XRP’s future price action, suggesting both accumulation and potential dumping. Additionally, a well-known crypto market analyst has predicted an impending bull run for the Ripple-backed token, further fueling the excitement.
What Could This Massive Spike Mean for XRP?
According to on-chain data from Whale Alert, about 300 million XRP was transferred via several transactions in the past 24 hours. One notable transaction involved the unknown address r99QSej, which accumulated a massive 250 million XRP, valued at $129 million, from the Japanese exchange Coincheck. Another transaction saw the unknown address rP4X2hTa7A receive 50 million XRP, worth $25.69 million, from Ripple.
The massive spike in whale activity on May 20 has fueled additional speculation, coinciding with the Ripple vs. U.S. SEC lawsuit developments. Today, both parties are set to file letter briefs opposing omnibus-letter motions, adding further intrigue to the situation.
Intriguingly, renowned crypto market analyst Dark Defender highlighted a bullish trend for XRP in a recent post on X. The analyst noted that the XRP/BTC pair had settled at a support level, indicating a potential price reversal.
Dark Defender also analyzed the Bitcoin dominance chart, observing that Bitcoin has consistently rejected the ultimate resistance line since 2016 when viewed on a three-month time frame per candle. “We expect a reversal from the current level of 56% to 44% by the end of the year,” the analyst predicted. This anticipated drop in Bitcoin dominance is seen as a signal for an XRP bull run, as investors may diversify their portfolios away from Bitcoin.
