XRP price action has been volatile recently, but whale activity is adding another layer of intrigue. Recent on-chain data reveals significant token movements, with some whales accumulating the cryptocurrency during a price dip. This has sparked speculation of a potential price reversal.

Whale Alert, a popular blockchain tracker, detected two major transfers to unknown wallets. These transactions totaled 47 million XRP, worth roughly $25.86 million. Notably, this accumulation happened amidst a price decline, suggesting that some large investors view current levels as an attractive buying opportunity. They might be anticipating a price surge in the future.

Mixed Signals: Selling Activity Casts Doubt

However, the market sentiment surrounding XRP remains divided. While some whales are accumulating, others are taking profits. On-chain data shows that roughly 75 million XRP tokens were offloaded to exchanges like Bitstamp, Bitget, and Bitso. Analysts interpret this selling activity as profit-taking, a common strategy for traders who want to lock in gains.

XRP Price: Dipping Today, But Weekly Gains Remain

At the time of writing, XRP is trading at $0.5494, reflecting a 4.90% drop in the last 24 hours. Despite the daily dip, it maintains a healthy 17.94% increase over the past week. With a circulating supply of 56 billion tokens, the total market value of the cryptocurrency sits at $30.7 billion.

Read Also: XRP Ledger Sees Record Surge in New and Active Wallets

Ripple Lawsuit and Ethereum ETFs: Additional Factors to Consider For XRP Future

Further adding to the XRP speculation is the recent cancellation of a closed-door meeting by the Securities and Exchange Commission (SEC). Although the meeting wasn’t specifically focused on Ripple, its cancellation, combined with Ripple’s recent transfer of 150 million tokens, has fueled rumors of a possible settlement in the ongoing legal battle.

The crypto community is also keeping a close eye on developments related to Ethereum ETFs. With several Ethereum ETFs receiving preliminary approvals, their launch on July 23rd could potentially impact the broader cryptocurrency market, including XRP.

Will the Whales Be Right?

Only time will tell if the whales’ buying spree is a sign of things to come for XRP. The mixed market sentiment and ongoing legal battle with the SEC add uncertainty to the price prediction. However, one thing is clear: whale activity and upcoming events like the Ethereum ETF launch will be closely watched by nvestors in the coming days and weeks.