The price of XRP, a major cryptocurrency by market capitalization, is experiencing a wave of speculation following significant movements by large investors, known as whales. According to on-chain data from Whale Alert, these whales have shifted nearly 77 million XRP coins within the past 24 hours. This activity coincides with a looming closed-door meeting by the U.S. Securities and Exchange Commission (SEC) scheduled for July 25th, further stirring investor interest.
The transactions involved both the accumulation and distribution of XRP. Notably, an address identified as rarG6FaeYh acquired 23.28 million XRP, valued at roughly $13.9 million, from the prominent cryptocurrency exchange Binance. Conversely, another whale address, “..Rzn,” transferred a larger sum of 54.29 million coins, worth approximately $32.3 million, to the exchanges Bitstamp and Bitso in two separate transactions.
While the reasons behind these movements remain unclear, they have triggered mixed reactions regarding XRP’s future trajectory. However, a prevailing sense of optimism persists due to the ongoing Ripple vs. SEC lawsuit. The upcoming SEC meeting has fueled rumors of potential discussions surrounding Ripple, with a positive outcome potentially acting as a significant bullish catalyst for XRP.
Further bolstering this optimism is the surge in activity within the coin derivatives market. Data from Coinglass reveals a substantial increase in open interest (OI), which currently stands at $796.75 million. This signifies a growing investor appetite for XRP, further amplified by the rising derivatives volume reaching $2.21 billion. Additionally, the hourly and 4-hour charts showcase a respective rise of 2.55% and 7.21% in OI, solidifying the bullish sentiment surrounding the Ripple-affiliated cryptocurrency.
At the time of writing, XRP is trading at $0.62, reflecting a 2.57% rise. This price movement comes amidst a range bound by $0.5843 and $0.6297 within the last 24 hours. It’s important to note that another recent development sent ripples (pun intended) through the coin community—data from XRPScan seemingly debunked rumors of Elon Musk holding any XRP.
With the SEC meeting on the horizon and the derivatives market abuzz with activity, the coming days are likely to be crucial for XRP. Whether the whale movements and heightened investor interest translate into a sustained price increase hinges heavily on the outcome of the SEC meeting and broader market sentiment.
